The Central Agency for Public Mobilization and Statistics (CAPMAS) indicated in a report Tuesday that trade exchange between Egypt and India recorded in the first 10 months of 2022 $5.2 billion up from $4.3 billion during the same period in 2021 with a rise of 20.8 percent.
Egyptian exports to India declined by 13.7 percent becoming $1.5 billion, while imports spiked by 44.8 percent to hit $3.7 billion. The top exports are fuel and mineral oil ($878 million), inorganic chemicals ($199.7 million), fertilizers ($185.7 million), salt, sulfur, and stones ($68.4 million), and cotton ($61.9 million).
As for imports, they are mainly meat ($588.7 million), steel and iron ($507.3 million), fuel and mineral oil ($440.6 million), organic chemicals ($298.7 million), and machinery ($210.4 million).
Indian investments in Egypt amounted to $53.6 million in the first half of 2022 up from $5.1 million during the same period of the precedent year. Also, the remittances of Egyptians in India, whose number is around 300, increased by 1.1 percent recording $5.82 million in FY2020/2021 compared to the previous fiscal year.
On the other hand, the remittances of Indians in Egypt hit $14.35 million in FY2020/2021 with an increase of 0.2 percent compared to the previous fiscal year.
Source: Egypt Today Magazine