Trade exchange bet. Egypt, South Korea hit $1.9B in 10 months

CAIRO - 20 January 2022: Trade exchange between Egypt and South Korea increased 23.6 percent during the first 10 months of 2021, recording $1.9 billion, compared to $1.6 billion during the same period in 2020, according to the state-static body.

The Central Agency for Public Mobilization and Statistics (CAPMAS) indicated, in a statement, Thursday, that the Egyptian imports from South Korea rose to $1.4 billion during the first 10 months of 2021, compared to $938.4 million during the same period in 2020, marking an increase of 44.8 percent.

Egyptian exports to South Korea decreased 9.5 percent to $560.2 million, compared to $613.5 million, during the same period of 2020.

The most important commodity groups exported by Egypt to South Korea during the first 10 months of 2021 were fuels, mineral oils and their distillation products worth $455 million, inorganic chemical products worth $42 million, animal feeds with a value of $32 million, stone and cement products with a value of $18 million, and plastics and articles thereof, valued at $3 million.

As for the most important commodity groups that Egypt imported from South Korea, they were represented in machinery and electrical appliances, with a value of $328 million, cars, tractors and bicycles, with a value of $266 million, plastics and articles thereof valued at $195 million, locomotives, wagons and railway signaling equipment valued at $182 million, and optical and cinema equipment valued at $92 million.

It pointed out that the South Korean investments in Egypt amounted to $19.7 million during the fiscal year 2019/2020, compared to $12.1 million during the same fiscal year 2018/2019, with an increase of 62.9 percent.

Remittances from Egyptians working in South Korea recorded $7.8 million during the 2019/2020 fiscal year, compared to $5.2 million during the 2018/2019 fiscal year, with an increase of 49.1 percent.

The value of South Korean remittances working in Egypt amounted to $3.5 million during the 2019/2020 fiscal year, compared to $3.4 million during the 2018/2019 fiscal year, with an increase of 4.4 percent .