GCC trade with Egypt continues to increase, with Egypt exporting USD 4.5 billion to the GCC.
GCC trade with Egypt reached USD 16.1 billion in 2021, according to Egypt’s Central Agency for Public Mobilisation and Statistics (CAPMAS). The USD 16.1 billion figure represents an increase of USD 2.9 billion (21.7%) compared to 2020’s USD 13.3 billion.
GCC trade: Imports up, exports down
The government agency reported that Egypt had exported USD 4.5 billion of goods to the GCC over the year, falling from USD 5.4 billion in 2020, a decrease of 16.8%.
Egyptian imports from GCC countries increased to USD 11.7 billion last year, up from USD 7.9 billion in 2020, an increase of USD 3.8 billion, or 47.9%.
Saudi Arabia topped the list of GCC countries importing from Egypt over 2021, with imports totaling USD 2.2 billion, followed by the UAE at USD 1.3 billion, Bahrain at USD 450.7 million, Kuwait at USD 320.7 million, Oman at USD 163.3 million and Qatar at USD 4.5 million.
Remittances up
CAPMAS stated that the value of remittances sent back to Egypt by Egyptians working in the GCC increased to USD 20.9 billion over the fiscal year 2020/21, compared to the previous year’s figure of USD 18.8 billion, an increase of 11.1%. Remittances from Egyptians working in Saudi Arabia topped the list, with USD 11.2 billion being sent home, followed by the UAE at USD 3.4 billion, Qatar at USD 1.5 billion, Oman at USD 162 million and Bahrain at USD 104.1 million.
GCC investments increasing
In 2021, investments from the GCC in Egypt had also increased over the previous year, with CAPMAS recording investments valued at USD 3.9 billion, compared to USD 3.8 billion in 2020, an increase of 1.9%.
The UAE was the leading source of investments from the GCC with USD 2.8 billion over the course of 2021, followed by Saudi Arabia at USD 622 million, Kuwait at USD 217.8 million, Bahrain at USD 160.4 million, Oman at USD 68.8 million and Qatar at USD 59.8 million.
In recent weeks, Egypt has announced a dramatic increase in the country’s trade with Bahrain and sent a delegation to discuss means by which to improve trade relations further.
Egypt has also sent representatives of the Egyptian General Authority for Investment and Free Zones to Qatar to meet with the Qatari Businessmen Association to explore how to bolster trade between the two states.