Egypt, Somalia Trade Exchange Rise by 88% in First Half of 2024

CAIRO – Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) showed, on Wednesday, an increase in the value of trade exchange between Egypt and Somalia, reaching $59 million during the first half of 2024, compared to $31 million during the same period in 2023, an increase of 88 percent.

The volume of Egyptian exports to Somalia recorded $57 million during the first half of 2024, compared to $31 million during the same period in 2023, an increase of 83 percent, while the volume of Egyptian imports from Somalia amounted to $2 million during the first half of 2024, compared to $300,000 during the same period in 2023.

The most important commodity groups exported by Egypt to Somalia during the first half of 2024 were:

1. Starch and grain products worth $29 million.

2. Sugar and sugar products worth $10 million.

3. Pharmaceutical products worth $3 million.

4. Tobacco worth $2 million.

5. Salt, stones and cement worth $2 million.

The most important commodity groups imported by Egypt from Somalia during 2023 were:

1. Live animals worth $1.8 million.

2. Gum and plant extracts worth $280 thousand.

3. Grains and oil fruits worth $16 thousand.

The value of remittances of Egyptians working in Somalia amounted to $299 thousand during the fiscal year 2022/2023 compared to $328 thousand during the fiscal year 2021/2022, while the value of remittances of Somalis working in Egypt amounted to $14 thousand during the fiscal year 2022/2023 compared to $27 thousand during the fiscal year 2021/2022.

The value of Somali investments in Egypt recorded $8 thousand during the fiscal year 2022/2023 compared to $154 thousand during the fiscal year 2021/2022.

Egypt’s population was recorded at 106.7 million in August 2024, while Somalia’s population was recorded at 18.8 million for the same period.

Source – Egypt Today