Saudi economy shines amid low inflation rates and Vision 2030 success: official report

Saudi economy shines amid low inflation rates and Vision 2030 success: official report
Saudi economy shines amid low inflation rates and Vision 2030 success: official report

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Jeddah - Yasmine El Tohamy - RIYADH: Trade exchange between Egypt and China dropped to $13.9 billion in 2023, compared to $16.6 billion the year before, according to official data. 

Egypt’s Central Agency for Public Mobilization and Statistics stated that value of the country’s exports to China reached $909 million during 2023, down from $1.9 billion in 2022, while Egyptian imports from China amounted to $12.9 billion in 2023, a decrease from $14.8 billion in 2022. 

Among the most significant commodity groups exported to China in 2023 were fuels, mineral oils, and their distillation products valued at $414 million, stone and cement products worth $116 million, fruits worth $78 million, machinery and electrical appliances worth $31 million, and copper and its products worth $27 million. 

On the import side, the leading commodities imported from China included machinery and electrical appliances worth $4.3 billion, iron and steel worth $1.2 billion, synthetic textile fibers worth $1.1 billion, organic chemical products worth $790 million, and plastics and their products worth $773 million. 

Chinese investments in Egypt reached $956.7 million during 2022-2023, a significant rise from $563.4 million during the fiscal year 2021-2022.  

Conversely, Egyptian investments in China rose to $208.4 million during the fiscal year 2022-2023, compared to $126.5 million the year before. 

Additionally, remittances from Egyptians working in China amounted to $19.5 million during the fiscal year 2022-2023, up from $13.2 million the previous year.  

In contrast, remittances from Chinese workers in Egypt totaled $3.5 million during the fiscal year 2022-2023, a slight decrease from $4.1 million a year earlier. 

Furthermore, CAPMAS released Egypt’s foreign trade data for March 2024, revealing a trade balance deficit of $2.37 billion, compared to $3.09 billion for the same month of the previous year, marking a decrease of 23.2 percent.  

Key indicators showed that the value of exports decreased by 10.9 percent, amounting to $3.57 billion during March 2024, compared to $4 billion for the same month of the previous year. 

This decline is attributed to the decrease in the value of exports of certain goods, most notably plastics in primary forms by 6.7 percent, fertilizers by 57.4 percent, iron bars, rods, angles, and wires by 1.1percent, and crude oil by 49.9 percent.  

Conversely, the value of some exported goods increased during March 2024 compared to the same month of the previous year, most notably petroleum products by 130.3 percent, fresh fruits by 7.2 percent, ready-made garments by 14.2 percent, and pasta and various food preparations by 26.8 percent. 

Additionally, the value of imports decreased by 16.2 percent, amounting to $5.94 billion during March 2024, compared to $7.09 billion for the same month of the previous year.  

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