Bahrain-Egyptian trade reached $917.2 million in 2021, an increase of 128.7%.
Bahrain Minister of Foreign Affairs, H.E. Dr. Abdullatif bin Rashid Al-Zayani welcomed the visit of Egyptian President Abdel Fattah Al-Sisi. Al-Zayani spoke about how the visit advanced the relations between the two countries and their growing strategic partnership.
Strengthening economic ties
The coming summit, according to the Minister, was intended to offer broad prospects for strengthening bilateral political and economic cooperation and coordination. The two states also seek to reaffirm their positions in regional and global politics.
Al-Zayani went to talk about Bahrain’s desire to activate a series of agreements and memoranda of understanding signed with Egypt in various fields, in order to achieve the common interests of both countries. He highlighted the importance of activating trade, tourism, investment, protecting the environment and supporting the process of comprehensive and sustainable development. The coming meeting would benefit both countries economically and cement an evolving political and economic alliance, according to the Minister.
Al-Sisi’s visit comes as Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) released a statement claiming that trade between the two countries is on the rise. According to CAPMAS, the value of trade between Egypt and Bahrain increased to USD 917.2 million in 2021, compared to USD 401 million in 2020, an increase of 128.7%.
According to CAPMAS, Egyptian exports to Bahrain amounted to $450.7 million in 2021, compared to USD 139.3 million, year-on-year, an increase of 223.5%. Egyptian imports from Bahrain amounted to USD 466.5 million in 2021, compared to USD 261.7 million, year-on-year, an increase of 78.2%. Bahraini investments in Egypt were estimated at USD 174.6 million during 2019/20, compared to USD 119 million during the 2018/19, an increase of 46.8%.
The value of remittances from Egyptians working in Bahrain stood at USD 127.7 million during the fiscal year 2019/20 compared to USD 107.7 million during 2018/19, an increase of 18.6%. Bahrainis working in Egypt sent USD 1.8 million back to Bahrain, compared to USD 3.1 million during the FY2018/19, a decrease of 40.6%.
Bahrain’s trade with North Africa has been increasing in recent years, with an Algerian delegation visiting the country in March. The group met with representatives of Bahrain Chambers to discuss further economic cooperation. Trade between Algeria and Bahrain largely comprises metals and electrical goods.