Trade exchange with Egypt hit $3.2B in 2020 Q1: Chinese official

CAIRO, June 15 (MENA) – The value of trade exchange between Egypt and China reached $3.2 billion during the first quarter of 2020, compared with $3.1 billion during the same period in 2019, said Minister Counselor for Economic Affairs at the Chinese embassy in Cairo Han Bing on Monday.

In statements to MENA, Han said Chinese exports to Egypt hit $2.8 billion between January-March 2020, while Egypt’s exports to China stood at $330 million.

Egypt’s top exports to China included oil and gas products, fruits, textile along with aluminum, the plenipotentiary said, expressing hope that trade movement would be enhanced during the coming period after resuming the economic activities and reopening Chinese markets that suffered a two-month closure in the wake of the novel coronavirus outbreak.

Chinese investments in Egypt recorded $35 million during the first four months of 2020, with an increase of 12 percent against the same period in 2019, Han quoted Chinese figures as showing, noting that such figures do not surely reflect the size of Chinese investments in the country.

He underscored that Chinese investments are operating normally in Egypt, despite the COVID-19 outbreak.

Chinese investors are looking forward to establishing a mega project in the steel domain with a total value surpassing dollars one billion, Han said, pointing out to another mammoth project in the textile domain in 10th of Ramadan city.