Egypt-Somalia trade exchange rises 26.5% YoY in 11 months
Updated 1/22/2024 8:51:00 AM
Arab Finance: Trade exchange between Egypt and Somalia increased by 26.5% year on year (YoY) in the first 11 months of 2023 to $56.3 million, compared to $44.5 million, according to data by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The value of Egyptian exports to Somalia grew by 27.7% YoY over the January-November period of last year to $54 million from $42.3 million.
Meanwhile, the value of Egypt’s imports from Somalia recorded $2.2 million in the 11-month period, maintaining the same value of the same year-ago period.
In fiscal year (FY) 2021/2022, remittances of Egyptians living in Somalia dropped by 17.4% YoY to $328,000 from $397,000.
Likewise, remittances of Somali people working in Egypt fell by 77.5% YoY to $27,000 in FY 2021/2022 from $120,000.
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