Egypt reports increased trade with Arab states
Saudi Arabia is Egypt's top trading partner in the region.
The Egyptian government Tuesday reported an increase in its trade with other Arab countries.
Trade between Egypt and Arab states amounted to $14.4 billion during the first half of 2022, compared to $12.1 billion during the first half of 2021. This constituted a 19.4% increase, the Central Agency for Public Mobilization and Statistics said in a statement.
Saudi Arabia was Egypt’s top import and export partner in the first six months of the year with $1.2 billion in imports and $4.3 billion in exports. Libya was the second-largest importer with $955.2 million, while Kuwait was the second-largest exporter with $1.4 billion, according to the agency.
Why it matters: Egypt is experiencing an economic crisis marked by the depreciation of the Egyptian pound, a shortage of US dollars and high inflation. To alleviate the pain, Egypt has sought to attract more investment from wealthier Gulf states.
