Egypt’s exports to China rises by nearly 21% in 2022

Egypt’s exports to China rises by nearly 21% in 2022

RIYADH: Egypt’s export to China increased by 20.8 percent to $1.7 billion in the first 11 months of 2022, compared to $1.4 billion in the same period in 2021, according to Egypt’s Central Agency for Public Mobilization and Statistics, also known as CAPMAS. 

Egypt’s imports from China totaled $13.2 billion from January to November 2022, up from $13.1 billion in the same period in 2021, representing a 0.6 percent increase. 

According to the official data, trade between Egypt and China increase by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion from $14.5 billion during the same period in 2021. 

The top 10 categories of goods sent by Egypt to China during the period were fuel, mineral oils and distillate products, cotton, and fruits, totaling $1.3 billion, $104.3 million, and $76.8 million, respectively. 

Organic chemical items worth $868.5 million and equipment and electrical gadgets totaling $2.6 billion were among the top 10 commodity categories imported by Egypt from China. 

China’s total investments in Egypt were $563.4 million in the fiscal year of 2021-2022, marking a 16.1 percent increase from $485.2 million in the fiscal year 2020-2021. 

Egypt’s value of exports increased by 80 percent, reaching $4.5 billion in Nov. 2021 

However, the trade balance deficit of Egypt decreased by 63.1 percent in November 2021 on an annual basis amounting to $1.9 billion. This is compared to $3.22 billion during the same period in 2020. 

Meanwhile, the value of imports declined by 0.5 percent over the same period, reaching $5.6 billion. 

Egypt’s exports to China rises by nearly 21% in 2022 (arabnews.com)

+++++++++++

Egypt aims to consolidate economic, investment ties with China: President El-Sisi

• Qualitative development in infrastructure and industrial facilities in Egypt over recent years had provided new investment opportunities: Head of Chinese delegation

CAIRO: Egyptian President Abdel Fattah El-Sisi said his country was keen to consolidate economic and investment cooperation with China and Chinese companies in areas of common interest.

His remarks came during a meeting on Saturday with the chairman of the China International Energy Group and his accompanying delegation of senior executives.

El-Sisi congratulated President Xi Jinping on his re-election for a new term in office and praised the Chinese leadership and nation for “achieving steady development progress and an important position at international level.”

The head of the Chinese delegation said the motives for investment and expansion in Egypt were based on “the deep friendly relations between the two countries, the two leaderships, and the two peoples.”

A qualitative development in infrastructure and industrial facilities in Egypt over recent years had provided new investment opportunities, he added.

The Chinese official pointed out the tangible improvements in the road network, transportation, communications, new cities, seaports, desalination and water treatment plants, electricity, and new and renewable energy.

And he said the Chinese group intended to launch a green hydrogen production project in Egypt with investments ranging between $5 billion and $8 billion.

On Wednesday, Egyptian Prime Minister Mostafa Madbouly said attracting investment was a key priority of the Egyptian government.

He noted that China was one of Egypt’s main trading partners and hoped China could “become a major investment partner for Egypt.”

Egypt aims to consolidate economic, investment ties with China: President El-Sisi (arabnews.com)

+++++++++++++

Riyadh, Dhaka in talks to boost power, agriculture cooperation

DHAKA: Bangladesh is expecting a $1 billion solar project with Saudi energy giant ACWA Power to start generating power within the next year, a state minister told Arab News on Sunday, as the two countries work closer to step up their energy cooperation.

Saudi Arabia and Bangladesh signed cooperation agreements and established a joint business council on Saturday, as a high-level delegation led by the Kingdom’s Commerce Minister Majid bin Abdullah Al-Qasabi visited Dhaka to attend the Bangladesh Business Summit 2023.

The two countries have been discussing ways to boost cooperation in power, agriculture, and logistics, including between the Bangladesh Power Development Board and Saudi energy developer ACWA Power on the development of a solar power plant in the South Asian country.

With the expected visit later this year of Saudi Crown Prince Mohammed bin Salman, who has reportedly accepted an invitation from Prime Minister Sheikh Hasina, Bangladeshi officials are hopeful of more bilateral cooperation.

“We believe, during the proposed visit of Crown Prince Mohammed bin Salman, some big opportunities will be created for enhancing further cooperation between the countries,” Hamid said.

Al-Qasabi said on Saturday that his Dhaka visit was aimed at increasing bilateral trade, which currently stands at around $970 million.

Saudi Arabia and Bangladesh also signed agreements over the weekend to set up a fertilizer factory and agro-processing plant, which was welcomed by energy expert Dr. Ijaz Hossain.

“At one time (in) Bangladesh we had cheap gas, but no longer. So we have to think of these kinds of solutions because we need fertilizer, there is no substitute for that,” Hossain, a professor at the Bangladesh University of Engineering and Technology, told Arab News.

“That is a very good project, and Bangladesh should concentrate on that and make sure that is implemented.”

Riyadh, Dhaka in talks to boost power, agriculture cooperation (arabnews.com)

++++++++++++

GTAI: Germany Trade & Invest

Australien forciert den Abbau von seltenen Erden

Bei der Gewinnung von Seltenerdelementen hat das Land mehr als den klassischen Bergbau im Blick. Angeschlossene Weiterverarbeitungsketten sollen eine Alternative zu China bieten.

Australien forciert den Abbau von seltenen Erden | Branchen | Australien | Seltene Erden (gtai.de)

+++++++++++++++

The Hill.

Biden says ‘our banking system is safe’ amid Silicon Valley Bank fallout

President Biden on Monday expressed confidence that the U.S. banking system is safe and Americans can access their deposits after regulators closed two banks in recent days.

“The bottom line is this: Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you, we will not stop at this. We’ll do whatever is needed,” Biden said in remarks before departing for California.

The president sought to reassure the public and financial markets that his administration had the situation under control after regulators late last week took control of Silicon Valley Bank, which catered to the startup and venture capital-funded tech world. Regulators in New York on Sunday closed Signature Bank of New York amid growing uncertainty about the stability of the banking system.

The president said the government would pursue a “full accounting” of how Silicon Valley Bank collapsed and why, adding that lawmakers must act to prevent it from happening again.

The Treasury Department on Sunday announced it would backstop all deposits at those banks, not just up to $250,000 as insured by federal law.

A Treasury Department official told reporters the move was necessary to stabilize the banking system and protect workers who could be directly affected by the collapse of Silicon Valley Bank.

“Because of the action our regulators have already taken, every American should feel confident their deposits will be there when they need them,” Biden said Monday.

Biden stressed the efforts to backstop all deposits would not be covered by taxpayers, but would instead be funded by fees that banks pay into a Federal Deposit Insurance Corp. fund. He also said managers of the shuttered banks would be fired and held accountable.

Biden on Monday also said he would ask Congress to strengthen rules regulating the banking system after some provisions were rolled back during the Trump administration.

Then-President Trump in 2018 signed a measure that exempted certain small and regional banks from regulations passed under Dodd-Frank in the wake of the 2008 financial crisis. The 2018 bill passed when both chambers of Congress were controlled by Republicans, but the bill received Democratic support in both the House and Senate.

Biden says ‘our banking system is safe’ amid Silicon Valley Bank fallout | The Hill

The End+++++++