Egypt’s Trade Deficit Declines by 16.6%

A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)
A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)
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Egypt’s Trade Deficit Declines by 16.6%

A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)
A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)

Egypt’s trade balance deficit declined by 16.6 percent to $3.15 billion in October 2023, compared to $3.78 billion in the same month of 2022.
The Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Thursday that the value of exports declined 19.2 percent on an annual basis to $3.23 billion in October 2023.
It added that this drop was driven by a decline in the value of exports of natural and liquefied gas by 95.8 percent, petroleum products by 43.6 percent, and plastics in their primary forms by 21.4 percent.
Imports fell 18 percent to $6.38 billion in October compared to $7.78 billion a year ago.
Meanwhile, an economic survey showed that non-oil private sector activity in Egypt contracted in December for the 37th month, as the weak currency and import restrictions continue to hamper business activities, but confidence about future production has rebounded from a record low level.
The Standard & Poor’s Global Purchasing Managers’ Index in Egypt rose to 48.5 from 48.4 in November, but remained below the 50.0 level, which indicates growth in activity.
The production sub-index fell to 46.7 from 47.2, similarly indicating that higher prices led to a decline in customer demand.
Business confidence rose again in December after falling in November to the lowest level since the launch of the business confidence sub-index in 2012. The sub-index increased to 55.1 from 50.9 in November.



Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.