China’s Egypt imports rise by 311.22 % in 7 months

CAIRO - 1 September 2017: The Chinese imports volume from Egypt rose by 311.22 percent at a total budget of $762 million during the period of January until July 2017 according to statistical data issued by the Chinese customs administration on Thursday.

The data reported by the Chinese state-owned news agency Xinhua, showed that the volume of bilateral trade between China and Egypt recorded $ 6.098 billion during the same period, as the Chinese exports volume to Egypt decreased by about 20.05 percent.

It was also added that during July only the Chinese imports from Egypt rose to $102 million with an increase of 479.4 percent on an annual basis, as the volume of bilateral trade between China and Egypt recorded $921 million during the same month.

Egypt is considered a big trading partner for China according to the report; it was ranked 52nd in list of China's largest partners.

China has always been a key economic partner for Egypt over the past four years. In late 2013, Chinese Vice President, Li Yuanchao, announced giving Egypt a non-refundable grant of $ 24.7 million.

In December 2014, President Abdel Fatah al-Sisi signed a comprehensive strategic partnership agreement with his Chinese counterpart Xi Jinping, including three cooperation agreements in the fields of economy and technical cooperation. Sisi and Jinping exchanged several visits since that time.

Sisi is scheduled to head to the Chinese city of Xiamen on Sunday to attend the ninth summit of the BRICS block upon an invitation for Egypt, among five other non-member states, to attend the summit.

During the summit, held from September 3-5, Sisi hopes to develop economic potentials with the bloc, which consists of Brazil, Russia, India, China and South Africa.