Egypt-Iraq Trade Flourishes as Exports Surge in 2024
In a remarkable development for regional trade, the Central Agency for Public Mobilization and Statistics (CAPMAS) has announced that Egyptian exports to Iraq have soared by 18.3% in 2024, reaching an impressive 6 million. This is a significant leap from last year’s figure of 0 million, and it underscores the strengthening economic ties between these two nations. The timing of this announcement is particularly noteworthy, coinciding with President Abdel Fattah El Sisi’s visit to Baghdad for the 34th regular session of the Arab League Council at the summit level.
According to the State Information Service Egypt, the total trade exchange between Egypt and Iraq has reached .1 billion, marking an impressive 26.1% increase from 2023’s 2 million. This positive trajectory not only highlights the growth in commerce but also reflects the collaborative spirit between the two countries as they seek to enhance their economic partnership.
The report provides further insights into the dynamics of their trade relationship, noting that Egyptian imports from Iraq have also seen growth, rising to 4 million in 2024 from 2 million in 2023—an increase of 56%. This boost in imports showcases a robust exchange of goods that benefits both economies, with Iraq providing key commodities for Egyptian markets.
Among the highlights of exports from Egypt to Iraq are fruits and vegetables, valued at 8.8 million, followed by electronic devices at 6.7 million and oil fruits at .2 million. These products are not only driving trade volume but also catering to the diverse consumer demands in Iraq.
Investment figures further illustrate the growing economic relationship. Iraq’s investments in Egypt have risen to .7 million during the 2023-2024 fiscal year, a notable increase compared to .5 million in the previous fiscal year. Meanwhile, while Egyptian investments in Iraq have slightly dipped to .4 million from million, the overall picture remains one of mutual benefit and opportunity.
As both nations continue to explore avenues for economic cooperation, this positive trade data is a promising indicator of a bright future for Egypt and Iraq’s economic relationship.
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Tags: #Egypt #Iraq #Trade #Economy #BusinessNews
