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Egypt's Exports to South Korea Increase by 62%

Minister of Trade and Industry Nivine Gamea. (Reuters)
Minister of Trade and Industry Nivine Gamea. (Reuters)
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Egypt's Exports to South Korea Increase by 62%

Minister of Trade and Industry Nivine Gamea. (Reuters)
Minister of Trade and Industry Nivine Gamea. (Reuters)

The value of trade exchange between Egypt and South Korean increased by 46.9% in the first 10 months of 2021, amounting to $890 million, compared to $286.6 million during the same period in 2020, Egypt’s trade minister announced Sunday.

During the same period in 2021, Egypt’s exports to the South Korean market rose by 62.3 percent to reach $531.5 million, up from $327.5 million during the same period in 2020, Minister of Trade and Industry Nivine Gamea said during a virtual meeting with her South Korean counterpart Yeo Han-Koo.

The products exchanged mainly include oil products, cement, granite, aluminum, ready-made garments, machines and equipment, as well as cars and medical devices, Gamea noted.

Cairo is keen to develop joint economic cooperation ties with South Korea to unprecedented levels, the minister stressed.

South Korea is considered one of Egypt’s key trade partners in the Eastern and Southeastern Asia region and a major source for transferring advanced industrial expertise and technologies to the Egyptian industry, she continued.

Visits between both countries’ senior officials have recently intensified, she noted.

Gamea said President Abdel Fattah al-Sisi’s visit to the Korean capital, Seoul, in 2016 had paved the way for the launch of a new phase of distinguished bilateral ties in various fields and at various levels.

Yeo, for his part, said South Korea hails the great success achieved by the Egyptian economic reform program and its positive contribution to the economy.

He pointed to the 3.6% growth rate in 2020 despite the coronavirus pandemic and its negative repercussions on various global economies.

The Korean government is keen to boost joint cooperation with its Egyptian counterpart in the fields of trade, investment, industry, energy, health, and specifically in means of addressing the pandemic, the minister stated.

He pointed to the importance of joint bilateral cooperation in the areas of trade facilitation and supply chain development to achieve economic recovery for both countries in light of the pandemic.

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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)

International Monetary Fund member countries said on Friday that rising trade tensions were sapping growth and fueling uncertainty as well as market and financial stability risks, but reaffirmed their commitment to the institution as critical to helping countries navigate a difficult environment.

In a chair's statement, the IMF's steering committee also reaffirmed prior foreign exchange commitments and voiced support for a realignment of quotas, or shareholding, that better reflects countries' positions in the global economy.

"The world economy is at a pivotal juncture," the International Monetary and Financial Committee (IMFC) said in a statement as the spring meetings of the IMF and World Bank drew to a close. "Following several years of rising concerns over trade, trade tensions have abruptly soared, fueling elevated uncertainty, market volatility, and risks to growth and financial stability."

The message comes at the end of a tense week for policymakers and investors anxious about US President Donald Trump's moves to upend global trade and his commitment to international institutions.

The IMF on Tuesday slashed its economic forecasts for the US, China and most countries, citing the impact of US tariffs now at 100-year highs and warning that rising trade strife would further slow growth. It forecast global growth of 2.8% for 2025, down half a percentage point from its January forecast.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee (IMFC), said the Fund must continue to focus on its core mandates, including expanding trade and growth.

"Addressing global debt vulnerabilities remains a priority for our members, especially for low-income and vulnerable countries," Al-Jadaan told a news conference in Washington.

IMF Managing Director Kristalina Georgieva acknowledged that the raft of current geopolitical flare-ups, especially Trump's push to redesign world trade with a barrage of tariffs, had distracted from discussions about other pressing challenges, including artificial intelligence, in public and behind closed doors.

She said it was encouraging that members had been able to engage in open conversations and share their views "in a fair space," but said she didn't want to minimize the discord.

"I don't want to sugarcoat - we still have quite a challenging time," she said at the news briefing.

Gathering members to talk about Syria had also given a new sense of urgency and purpose to turning a place of conflict into a stable and economically successful country benefiting the region and the world, Al-Jadaan said.

"It is not just about the money, it's about the work that I and other partners can deliver and capacity development, quality data and timely advice."

Al-Jadaan said trade had been the overriding concern during the meetings but he remained optimistic that solutions could be found after a week of candid and frank discussions.

"Actually today, we are holding in a lot better position than when we started the week. People understand the consequences and are working together in a constructive way to resolve tensions," he said.