CAPMAS: Japanese Investment in Egypt Rises Even as Trade Shrinks
Japanese investments in Egypt surged in FY2021/2022, even as trade between the two countries declined by 26.3 percent to $1.1 bn from $1.6 bn in FY2020/2021, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).
According to CAPMAS, Egyptian exports to Japan dropped 53% to $260.8 M in FY2021/2022, compared to $554.4 M in FY2020/2021.
Meanwhile, Egypt’s imports from Japan decreased by 11.6% to $888.5 M.
Top Egyptian exports to Japan during this time included fuel, mineral oils, and distilled products, while its top imports were boilers, machines, and apparatuses.
However, Japanese investments in Egypt surged by 98.7% to $73.7 M in FY2021/2022 from $37.1 M in FY2020/2021.
The CAPMAS announcement came as Japanese Prime Minister Fumio Kishida started a three-day visit to Egypt on Saturday as a part of a trip to Africa.
During the visit, Egyptian and Japanese leaders will discuss ways to promote relations between the two countries, in addition to international and regional peace and security, Egyptian Presidential Spokesperson Ahmed Fahmy revealed.
Egypt’s trade balance deficit reached $2.48 bn in January 2023, a 47% drop from the $4.68 bn figure recorded in the same month in 2022. The drop was mainly driven by the devaluation of the Egyptian pound, which led to fewer imports.
