Egyptian expats’ remittances in Arab countries fall despite trade growth | CAPMAS

Remittances from Egyptian expatriates residing in Arab countries experienced a decline in FY 2021/2022, despite trade between them increasing throughout 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egyptian expats in the Arab world sent remittances back to Egypt worth $21.5 billion in fiscal year 2021/2022, marking a 1.8% decrease from the previous year.

The highest number of remittances were from those in Saudi Arabia which reached $10.9 billion, followed by Kuwait with transfers of $4.5 billion. Those in the UAE and Qatar transferred $3.5 billion and $1.2 billion, respectively.

By the end of 2021, the number of Egyptian residents in Arab countries was approximately 7.1 million, according to CAPMAS' data.

Remittances, along with exports, tourism, and the Suez Canal, play a significant role in Egypt's foreign currency inflows.

Trade exchange between Egypt and Arab countries increased by 16.4% to $29 billion in 2022, up from $25 billion in 2021. During this period, Egypt's exports to Arab countries rose by 10% annually, totaling $12.2 billion.

Among Arab importers of Egyptian products in 2022, Saudi Arabia ranked first with a total value of $2.5 billion. The UAE followed in second place with $1.9 billion in imports, Libya with $1.2 billion, Sudan with $930 million, and Morocco with $880 million worth of imports.

Regarding exports to Egypt, Saudi Arabia topped the list in 2022 with a total value of $7.9 billion, followed by Kuwait with $3.3 billion. The UAE ranked third with $2.9 billion in exports, Oman fourth with $879 million, and Bahrain fifth with $507 million.

In terms of investments, the UAE was the largest source of Arab investments in Egypt during FY2021/2022, with a value of $10 billion. Saudi investments in Egypt amounted to $8.5 billion, while Qatari, Bahraini, and Kuwaiti investments reached $3.1 billion, $410.2 million, and $332.9 million, respectively.