Trade exchange between Egypt, Mexico reaches $123.4M in 2017

CAIRO – 9 May 2018: The volume of trade exchange between Egypt and Mexico amounted to $123.4 million in 2017, according to Ahmed Antar, head of the Egyptian Commercial Service.

This came during his speech at the inauguration of the Mexico-Egypt Business Council.

Antar added that Egypt’s exports to Mexico in the previous year reached $71 million, while imports from Mexico recorded around $52 million.

Mexico's main exports to Egypt include tubes, spare parts for railways, steel, zinc, iron and oxide, while Egypt's main exports to Mexico include urea, chemical fertilizers, ready-made garments and carpets, Antar stated.

He added that Egypt is Mexico's third biggest trading partner in Africa, adding, however, that the amount traded is not as good as the government wishes.

Mexican investments in Egypt amount to more than $1.2 billion, according to Antar.

Antar said that Mexican companies are investing in different sectors in Egypt, such as construction, cement, petroleum, energy and technology, while Mexican multinational company CEMEX is one of the largest investors in Egypt.

He clarified that there are opportunities for Mexican investors to contribute in the investments of the Suez Canal Economic Zone, the New Administrative Capital, the Golden Triangle area, and many other sectors.

Regarding the Mexico-Egypt Business Council, Antar said that the establishment of this business council will represent a perfect platform of business community for both countries to discuss and explore new venues of trade and investment opportunities, and to contribute in enhancing Egyptian-Mexican relations on all levels.

The Mexico-Egypt Business Council was launched on Tuesday to activate cooperation between Egypt and Mexico.

Generally, Egypt's non-oil exports rose 10 percent in 2017 to $22.42 billion, up from $20.41 billion in 2016.

Egyptian goods became attractive to foreign markets after the floatation of the state’s currency in November 2016, losing 50 percent of its value, which is reflected on the increased exports.