CAIRO - 28 November 2024: The Central Agency for Public Mobilization and Statistics (CAPMAS) in Egypt has released data highlighting the significant growth in trade exchange between Egypt and Jordan. During the first nine months of 2024, the total value of trade exchange reached a substantial $728 million, surpassing the $637 million recorded in the corresponding period of 2023. This increase can be attributed to the growth in both exports and imports between the two countries.
Egyptian Exports to Jordan
Egyptian exports to Jordan surged to $546 million in the first nine months of 2024, up from $498 million in the same period of the previous year. Key commodities driving this growth include mineral fuels, oils, and waxes, vegetables and fruits, prepared vegetable and fruit products, ready-made garments, and vegetable oils. These products have found increasing demand in the Jordanian market, contributing to the overall trade balance.
Imports from Jordan
Imports from Jordan also experienced a notable increase, reaching $182 million in the first nine months of 2024, compared to $139 million in the same period of 2023. Fertilizers, tobacco and its substitutes, pharmaceutical products, and plastics emerged as the primary goods imported by Egypt from Jordan. This upward trend in imports reflects the growing reliance on Jordanian products to meet domestic demand in certain sectors.
Remittances
While trade relations have strengthened, remittance flows between the two countries have witnessed a decline. Remittances from Egyptians working in Jordan fell significantly to $415.3 million during the fiscal year 2022/2023, down from $792.9 million in 2021/2022. Similarly, remittances from Jordanians working in Egypt also decreased, reaching $5.6 million in 2022/2023 compared to $9.6 million in the previous fiscal year. This decline in remittances can be attributed to various factors, including economic conditions and employment opportunities in both countries.
Investment Flows
Investment flows between Egypt and Jordan have also exhibited mixed trends. Jordanian investments in Egypt increased to $134 million during the fiscal year 2022/2023, up from $119 million in 2021/2022. This growth indicates a growing interest from Jordanian investors in the Egyptian market.
However, Egyptian investments in Jordan declined to $183.6 million during the same period, down from $226.2 million in the prior fiscal year. This decrease in Egyptian investments in Jordan may be attributed to various factors, including economic conditions and investment opportunities in both countries.
The data released by CAPMAS underscores the evolving dynamics of economic relations between Egypt and Jordan. While trade exchange has witnessed significant growth, remittance flows and investment patterns have exhibited mixed trends. These developments highlight the need for both countries to continue working towards strengthening economic cooperation and addressing challenges that may hinder further growth.
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