WANA (Dec 19) – Tehran and Cairo conducted trade worth $17.186 million in the first eight months of this year, showing a 67% increase compared to the same period last year, according to the spokesperson of the Trade Development Commission of Iran’s House of Industry, Mining, and Trade.

 

Speaking on Thursday, during the Iranian President’s visit to Egypt for the D-8 Summit, Seyed Rouhollah Latifi highlighted the ups and downs of Iran-Egypt trade due to fluctuating political relations. However, he noted that with the improvement of diplomatic ties and the membership of both countries in BRICS, direct trade between the two nations has seen a relative rise.

 

Trade Volume and Growth

In the first eight months of this year, over 35,883 tons of goods, valued at $17.186 million, were exchanged between Iran and Egypt. This represents a 65% increase in volume and a 67% rise in value compared to the same period last year.

 

Iran’s exports to Egypt accounted for 28,116 tons of goods, valued at $13.798 million, showing a 30% growth in weight and a 41% increase in value. On the other hand, Iran imported 7,767 tons of goods from Egypt, worth $3.388 million, marking a significant 592% growth in value.

 

Key Export and Import Items

Latifi revealed that steel and iron products dominated Iran’s exports to Egypt, comprising 96.8% of the weight and 96.1% of the value, with 27,206 tons worth $13.271 million. Other export items included laboratory kits, pistachios, car clutch parts, marble and travertine, sodium hydroxide, tomato paste, tractors, confectionery machines, and agricultural tools.

 

For imports, manganese ore constituted 97.5% of the weight and 43.2% of the value of Iran’s purchases from Egypt, with 7,580 tons worth $1.463 million. Other imports included circuit breakers, razors, double-edged blades, electronic components, potassium sulfate, flow meters, and glass components for lighting.

 

Egypt’s Foreign Trade in 2023

Latifi noted that Egypt recorded $115 billion in foreign trade in 2023, including $72.4 billion in imports and $42.5 billion in exports. Of the exports, $28.5 billion were non-oil goods, and $14 billion came from oil and electricity.

 

Major Egyptian exports included ready-made garments ($2.3 billion), urea fertilizer ($2.1 billion), plastics ($2 billion), and natural gas ($1.95 billion). Turkey was the largest export destination with $4.5 billion in purchases, followed by Italy and Saudi Arabia.

 

Imports and Key Partners

Egypt’s imports were categorized as intermediate goods (36.3%), capital goods (17.9%), fuel (14.6%), and consumer goods (12.5%). Key imported items included fuel ($5.1 billion), plastics ($4.8 billion), wheat ($3.5 billion), and pharmaceuticals ($2.8 billion). China, Saudi Arabia, the US, and Russia were Egypt’s top trade partners.

Iran’s Limited Share in Egypt’s Market

Despite Egypt’s $115 billion market, Iran’s trade with the country accounts for less than 0.5%. Latifi expressed optimism about the potential for growth, emphasizing the importance of the Iranian President’s visit to Egypt in strengthening economic ties. He noted that with the removal of existing trade and political barriers, Iran could aim for over $1 billion in bilateral trade.