CAIRO – 9 April 2019: Egypt and the U.S. have long been amicable partners along open channels of diplomatic relations, mutual security interests, bilateral trade ties, and development aid.
In December 2018, Egypt ranked 53rd among the United States’ top trade partners, with a total trade value $7.54 billion.
U.S. Export Gov. has published an article on February 19, in which it stated that “Egypt is an important strategic partner to the United States, and our country continues to engage with Egypt to advance mutually shared interests, including strong commercial ties”
It added that, With a population of over 99 million and a GDP of USD 335 billion, there are solid opportunities for U.S. firms in the medium-to-long term. Egypt’s strategic location offers companies a platform for their commercial activities into the Middle East and Africa.
In 2017, U.S. – Egypt bilateral trade was USD 5.6 billion, versus USD 7.9 billion in 2014. U.S. exports to Egypt increased by 14% from USD 3.4 billion in 2016 to USD 3.9 billion in 2017, while Egyptian exports to the U.S. increased by 9% from USD 1.4 billion to USD 1.6 billion. Egypt is the third-largest export market for U.S. products and services in the Middle East and the 39th-largest export market in the world.
U.S. investment in Egypt reached USD 22.2 billion in 2016, representing 38.6% of U.S. direct investment in Africa. In 2016, Egypt was the largest recipient of U.S. direct investment in Africa, and second in the Middle East. The U.S. is Egypt’s third largest-trading partner and third-largest foreign investor.
Egypt’s GDP increased by 4.2 percent in 2017. Foreign reserves rose to USD 44.03 billion in April 2018 from USD 38.2 billion in January 2018 with injections from the IMF and Gulf donors. The critically low foreign reserves and constraints on capital movements that so severely handicapped the economy in 2016 and 2017 have largely been resolved. Egypt’s credit rating is B.
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Moreover, the top five US exports to Egypt by value in 2018, were soybeans, corn, coal, briquettes, scrap iron, steel, and petroleum gases, other gaseous hydrocarbons. They accounted for 43.71% of total exports to Egypt.
While the value of the top five categories of US imports from Egypt contain oil, gasoline, other fuels, men’s or boys’ slacks, suits, not knit, sweaters, pullovers, vests, knit or crocheted, and women’s or girls’ suits, not knit, accounting for 52.7% of all inbound shipments.
A close look at US exports to Egypt,
• Soybeans reached 219.22% compared to last year to $1.16bn.
• Corn rose 929% compared to last year to $322.58m.
• Coal, briquettes rose 50.15% compared to last year to $273.23m.
• Scrap iron, steel rose 121.54% compared to last year to $261.75m.
• Petroleum gases, other gaseous hydrocarbons rose 8.05 percent compared to last year to $188.95m.
A close look at US imports from Egypt,
• Oil rose 184.44% compared to last year to $458.5m.
• Gasoline, other fuels rose 1105.87% compared to last year to $363.95m.
• Men’s or boys’ slacks, suits, not knit rose 11.77% compared to last year to $198.58m.
• Sweaters, pullovers, vests, knit or crocheted rose 34.59% compared to last year to $157.9m.
• Women’s or girls’ suits, not knit rose 2.36% compared to last year to $128.81m.