File Photo: CAPMAS. Photo: Al-Ahram
This report coincides with the official visit of Somali President Hassan Sheikh Mohamud to Cairo, where he met President Abdel-Fattah El-Sisi on Wednesday to discuss strengthening bilateral relations and regional developments.
According to CAPMAS, Egyptian exports to Somalia jumped 83 percent to $57 million in the January-June period, while imports from the Horn of Africa nation rose from $300,000 to $2 million.
Egypt’s main exports to Somalia included milling and starch products valued at $29 million, sugar products at $10 million, pharmaceuticals at $3 million, and salt, stones, and cement at $2 million.
Somalia’s key exports to Egypt in 2023 were live animals valued at $1.8 million, gum and plant extracts at $280,000, and grains and oil fruits at $16,000.
According to the report, remittances from Egyptian expats in Somalia declined from $328,000 to $299,000 in FY2022/2023; similarly, the remittances from Somalis in Egypt declined from $27,000 to $14,000.
In terms of investments, Somali investments in Egypt plunged to $80,000 in 2022/23 compared to $154,000 the year before.
In July, both nations announced the launch of a direct EgyptAir flight between Cairo and Mogadishu.
A new Egyptian embassy headquarters in the Somali capital Mogadishu was opened on Tuesday.
The Egyptian foreign ministry said the move aims to elevate trade and economic relations between the two countries.
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