Egypt and South Korea have witnessed remarkable growth in their trade exchange during 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The agency reported that the bilateral trade volume increased by 62.9% to reach $3.9bn in 2022, up from $2.4bn in 2021.
The agency attributed this increase to the significant rise in Egyptian exports to South Korea, which amounted to $2bn in 2022, compared to $618.6m in 2021, marking a 219.5% increase. Meanwhile, Egyptian imports from South Korea slightly increased by 7.5% to reach $1.9bn in 2022, compared to $1.8bn in 2021.
CAPMAS emphasized the importance of strengthening the close economic ties between Egypt and South Korea and exploring new opportunities for enhancing cooperation, especially in the economic field.
The main categories of goods that Egypt exported to South Korea in 2022 were fuel and mineral oils ($1.8bn), food industry waste ($46m), stone and cement products ($23.8m), fruits ($1.7m), and fertilizers ($1.2m).
On the other hand, the main categories of goods that Egypt imported from South Korea in 2022 were plastics and their byproducts ($375.3m), cars and tractors ($375.2m), machinery and electrical appliances ($431.1m), locomotives, vehicles and signaling devices ($99.3m), and iron and steel and their products ($167.9m).
The agency also revealed that the value of South Korean investments in Egypt rose by 91.6% to reach $311.6m in fiscal year 2021/2022, compared to $162.6m in fiscal year 2020/2021.
Moreover, the value of remittances from Egyptians working in South Korea soared by 951.4% to reach $30.1m in the fiscal year 2021/2022, compared to $2.9m in the fiscal year 2020/2021. The value of remittances from South Koreans working in Egypt increased by 4.8% to reach $3.7m, compared to $3.5m.
The number of Egyptians residing in South Korea, according to official estimates, could reach 3,000 by the end of 2022.
