Trade between Egypt, China hit $8.6B in 10 months

CAIRO – 25 December 2017: Trade balance between Egypt and China reached $8.633 billion in January-October 2017, down 9.48 percent compared to the same period in 2016, the China Customs Agency said, according to Xinhua Chinese official press agency on Monday.

Chinese exports to Egypt reached $7.586 billion during the period from January to October 2017, 17.04 percent decrease from the corresponding period of 2016, whereas Egyptian exports to China stood at $1.047 billion, up 166.34 percent.

Exports and Imports between China and Egypt in October reached $830 million, an increase of 12.8 percent from the figures of September.

Egypt ranked 53rd on China's trade partners list till late October, the statement added.

Egyptian-Chinese business cooperation grew during 2017 on many levels, Chinese Economic and Trade Minister Counselor Han Bing said last week during a conference organized by the Chinese Embassy in Cairo.

The two countries have been involved in strong cooperation in the fields of manufacturing, agriculture, infrastructure, finance, trade and investment and they are in negotiations to broaden cooperation in the fields of renewable energy and satellites.

Chinese investments increased by $106 million during the first half of 2017, an increase of about 75 percent compared to the same period last year.
Financial cooperation between the two countries also flourished. The Yuan started to be used in Egypt, as per an agreement between the two countries’ central banks

Egypt and China signed a number of credit agreements at a value of $5 billion between a string of Egyptian banks and the China Development Bank, Export-Import Bank of China and the Asian Development Bank in 2017.

Bing pointed out that the total Chinese investments in this Suez Canal Economic Zone exceeded $1 billion, creating 3,000 jobs in Egypt.