Minister of Trade and Industry Ahmed Samir has held several meetings via video conference with heads of the Egyptian Commercial Service in Germany, Saudi Arabia, Spain, France, and Greece. Samir discussed the development of trade exchange between Egypt and these countries during 2022. The minister also reviewed the latest report on rates of intra-trade and joint investments between Egypt and the United Kingdom during the past year. The minister said that the volume of trade exchange between Egypt and Germany in 2022 amounted to approximately €5.5bn. He noted that Egyptian commodity exports to the German market exceeded €1bn for the first time last year, and continued to rise during the months of January and February of this year, reaching €260m achieving an increase of 38% compared to the same period last year. Samir explained that trade exchange between Egypt and Saudi Arabia increased in 2022 by 24%, reaching $5.67bn, while Egyptian exports to the Saudi market amounted to $2.68bn compared to approximately $2bn in 2021, with an increase of 34%. Egyptian commodity imports from Saudi Arabia increased by 16%, reaching roughly $3bn in 2022 compared to about $2.58bn in 2021, according to Samir. The minister pointed out that the volume of trade exchange between Egypt and Spain amounted to €4.5bn in 2022, as the value of Egyptian exports amounted to about €2.93bn, of which €1.25bn were commodity exports. The minister pointed out: "Egyptian exports to the French market increased by 136% in 2022, reaching €2.16bn, compared to about €917m in 2021. While Egyptian merchandise exports to the French market increased by 54%in 2022, amounting to €1.163bn, compared to €754m in 2021, which contributed to reducing the deficit in the trade balance between the two countries by the end of 2022 to register €121.9m, compared to €940.8m in 2021." The minister added that trade exchange between Egypt and Greece increased during 2022 by 19.7%, reaching €2.06bn, compared to €1.72bn in 2021. Egyptian exports to the Greek market achieved an unprecedented 30% growth in 2022, reaching €1.67bn, compared to €1.28bn in 2021, which contributed to an increase in trade balance surplus in favor of Egypt by 51%, reaching €1.28bn in 2022 compared to €847 in 2021. Egyptian exports to the United Kingdom achieved unprecedented growth during 2022, with an increase of 83%, amounting to £1.686bn, compared to about £921m in 2021. Egypt achieved for the first time a surplus in the trade balance with the United Kingdom of £57m in 2022 compared to a chronic deficit in the trade balance during the past years, ending with a deficit of £448m in 2021.
