Arab Finance: Trade exchange between Egypt and Somalia increased by 88% year on year (YoY) in the first half (H1) of 2024 to $59 million, compared to $31 million, according to data by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of Egyptian exports to Somalia grew by 83% YoY over the January-June period this year to $57 million from $31 million.

Meanwhile, the value of Egypt’s imports from Somalia recorded $2 million in the six-month period, up from $300,000 in the year-ago period.

In fiscal year (FY) 2022/2023, remittances of Egyptians living in Somalia reached $299,000, down from $328,000 the year before.

Likewise, remittances of Somalians working in Egypt fell to $14,000 in FY 2022/2023 from $27,000 a year earlier.

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