Trade relations between Egypt and Saudi Arabia have reached new heights, with bilateral trade exchange hitting $7.5 billion in the first nine months of 2024. Egypt’s exports to Saudi Arabia amounted to $2.4 billion. Among the products exported from Egypt to Saudi Arabia are iron and steel products worth $167 million. Imports from Saudi Arabia totaled $5.1 billion. This marks a significant increase compared to the same period last year, reflecting the strengthening economic ties between the two nations. The surge in trade is attributed to a variety of factors, including enhanced cooperation in key sectors such as energy, construction, and agriculture.
“Egypt and Saudi Arabia have a long-standing partnership, and this increase in trade volume is a testament to our mutual commitment to economic collaboration,” said Dr. Hala El-Said, Egypt’s Minister of Planning and Economic Development. “We are optimistic about the future and look forward to further expanding our trade relations.” Saudi Arabia remains one of Egypt’s top trading partners, with significant exports including petroleum products, chemicals, and agricultural goods. On the other hand, Egypt exports a wide range of products to Saudi Arabia, including textiles, food products, and machinery.
The positive trade figures come amid broader efforts by both governments to enhance economic cooperation. Recent high-level meetings have focused on exploring new opportunities for investment and joint ventures, particularly in the context of Saudi Arabia’s Vision 2030 and Egypt’s Vision 2030 development plans.
As the two countries continue to deepen their economic ties, the outlook for future trade growth remains strong. Both nations are committed to fostering a conducive environment for business and investment, which is expected to drive further increases in trade exchange in the coming years.
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