Egypt-South Korea trade exchange surges 63% YoY in 2022
Updated 10/12/2023 8:11:00 AM
Arab Finance: The value of trade between Egypt and South Korea rose 62.9% year on year (YoY) in 2022 to $3.9 billion from $2.4 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced.
Egyptian exports to South Korea soared 219.5% YoY in 2022 to $2 billion from $618.6 million.
Meanwhile, the North African country’s imports from South Korea surged 7.5% to $1.9 billion last year from $1.8 billion in 2021.
Remittances of Egyptians working in South Korea hiked 951.4% YoY in fiscal year (FY) 2021/2022 to $30.1 million, while remittances of South Koreans living in Egypt increased by 4.8% YoY to $3.7 million.
The south Korean investments into Egypt amounted to $311.6 million in FY 2021/2022, up by 91.6% from $162.6 million in FY 2020/2021.
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