The Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the value of commercial exchange between Egypt and Somalia climbed to $56.3 million in the first 11 months of 2023, up from $44.5 million in the same time in 2022, a 26.5% rise.
According to CAPMAS data, Egyptian exports to Somalia totaled $54 million in the first 11 months of 2023, up 27.7% from $42.3 million in the same time in 2022. On the other hand, the value of Somalian exports to Egypt has stabilized at $2.2 million.
It’s worth noting that Egyptian President Abdel Fattah Al-Sisi met with Somali President Hassan Sheikh Mohamud on Sunday. Aiming to keep up with the activities and official visits of the President, CAPMAS issued a press release on the economic relations between Egypt and Somalia.
According to CAPMAS, Egypt’s biggest exports to Somalia in the first 11 months of 2023 were milling and starch goods worth $28.7 million, chemical products worth $4.7 million, pharmaceuticals around $4.2 million, dairy products worth $2.8 million, and vegetables and fruits worth $2.5 million.
Furthermore, Egypt’s top commodities imported from Somalia were animals worth $1.2 million, as well as gum and plant extracts for $950,000.
The agency reported that Somali investments in Egypt totaled $154,000 during fiscal year (FY) 2021/22. Remittances from Egyptians working in Somalia totaled $328,000 in fiscal year 2021/22, down from $397,000 in fiscal year 2020/21, or 17.4%.
Remittances from Somalis working in Egypt totaled $27,000, a reduction from $120,000.