In a notable development for trade relations in the Middle East, Egypt and Kuwait have reported a significant decrease in bilateral trade volume for 2024. According to recent data released by the Central Agency for Public Mobilization and Statistics (CAPMAS), trade between these two nations fell to .2 billion, down from a robust .6 billion the previous year. This change coincides with Egyptian President Abdel Fattah El-Sisi’s official visit to Kuwait, marking an important moment for both countries’ economic ties.
Diving deeper into the figures, Egypt’s exports to Kuwait hit 3 million in 2024, a slight dip from 6 million recorded in 2023. The decline in imports from Kuwait was more pronounced, plummeting to 7 million from .3 billion. Among the key exports from Egypt to Kuwait, vegetables and fruits stood out, generating million in revenue. Other notable exports included ready-made garments at million, prepared fruits and vegetables at million, followed by cocoa products and electrical machinery, which contributed million and million respectively.
On the flip side, Egypt’s primary imports from Kuwait comprised mineral fuels and oils, accounting for a staggering 7 million, alongside plastics and organic chemicals that brought in million and million, respectively.
The investment landscape also saw a shift. Kuwaiti investments in Egypt topped 7.7 million in the 2023/2024 fiscal year, although this was a decrease from the previous year’s 2.6 million. Similarly, Egyptian investments in Kuwait fell to 4.2 million from 1.2 million.
Despite these fluctuations in trade and investment, there’s good news on the remittance front. Remittances from Egyptians working in Kuwait saw a modest increase, reaching .1 billion in the 2023/2024 fiscal year, up from billion the previous year. In contrast, remittances sent from Kuwaitis working in Egypt saw a decline, dropping to .7 million from million.
These developments present an opportunity for both countries to reassess and strengthen their economic ties, particularly in light of President El-Sisi’s visit. As trade dynamics evolve, the focus may shift towards revitalizing sectors where both nations can mutually benefit.
As always, the intricate dance of international trade continues to unfold, potentially paving the way for renewed cooperation and growth in the future.
#WorldNews #BusinessNews #Politics #Egypt #Kuwait
