The trade exchange between Egypt and the UAE increased by 6.5% to $4.6 bn during the first 11 months of 2022, compared to $4.3 bn during a respective period a year earlier.
Egyptian exports to the UAE jumped 14.4% year-on-year to $1.8 bn in the 11 months until November 2022. On the other hand, Egypt’s imports from the Gulf country reached $2.8 bn in the first 11 months of 2022, up from $2.7 bn in the same period of 2021.
Egypt’s trade balance deficit recorded $2.48 bn in January 2023, a 47% drop from the $4.68 bn recorded in the same month in 2022. This is largely due to the devaluation of the Egyptian pound, which leads to decreased imports.
UAE’s investments in Egypt soared by 300.8 percent to $5.7 bn during the fiscal year (FY) 2021/2022, compared to $1.4 bn in FY 2020/2021.
Moreover, the remittances from Egyptian expatriates working in the UAE amounted to $3.5 bn in FY 2020/2021, up from $3.4 bn in FY 2019/2020.
Last year, the two countries celebrated 50 years of bilateral relations under the slogan “Egypt and the UAE: One Heart”
