The Central Bank of Egypt announced that the volume of commercial transactions between Egypt and Kuwait declined during the last fiscal year 2014-2015 to $2.4 billion.
This represents 2.9 per cent of the volume of Egypt’s trade with the outside world, compared with $2.9bn in the previous year 2013-2014, reports Kuwait-based Al Rai.
The Central Bank of Egypt’s report shows that, during 2014-2015, Egypt’s exports to Kuwait amounted to roughly $115.2 million, while imports from Kuwait are valued at $2.23bn, with a trade deficit in favour of Kuwait totalling $2.12bn, representing a deficit of 560 per cent.
The report points out that Egypt’s exports to Kuwait have relatively improved from $107.4m in the fiscal year 2013-2014 to $115.2m in fiscal year 2014-2015, while Kuwait’s exports to Egypt declined from $2.89bn during 2013-2014 to $2.2bn.
An Egyptian Trade Ministry official attributes the increase in deficit in trade transactions in favour of Kuwait to the large quantities of Kuwaiti oil imported by Egypt during the last year.
($1 = AED3.67, at the time of publishing)