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Value of Egyptian non-oil exports drop by 18.3%

by Radarr Africa
written by Radarr Africa

The Central Agency for Public Mobilization and Statistics (CAPMAS) released a statement Tuesday detailing the exports, whose value declined in May 2022, in spite of the increase in the total value of exports on year-on-year basis with 18.3 percent to hit $4.01 billion up from $3.39 billion.

Fresh fruit exports declined the most by 23.5 percent to become $123.1 million in May 2022 down from $160.9 million in May 2021. The category that comes next is pasta and canned food, as their value dropped by 13.7 percent to be $70.9 million instead of $82.2 million.

The exports of pharmaceuticals plummeted by 10.3 percent to record $22.5 million compared to 25.1 million. Similarly, textile exports fell by 8.2 percent to be $17 million in comparison to $18.6 million.  

As for plastics, their exports decreased by 3.9 percent to be $17.6 million instead of $18.3 million. Aldo, those of flat-rolled products of iron and steel went down by one percent to become $60.2 million down from $60.8 million.

Regarding exports whose value spiked, those are of petroleum and liquefied gas (44.1 percent), and of brute oil (30.7 percent). The value of the former hit $726.4 million up from $504 million. As for that of the latter, it scored $389 million up from 297.7 million.

Source: Egypt Today

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Emirati Investments in Egypt jump to $1.9B in H1 2021/22

by Radarr Africa
written by Radarr Africa

Emirati investments in Egypt increased 169.1 percent during the first half of the 2021-2022 fiscal year, to $1.9 billion, compared to $712.6 million during the same period of the fiscal year 2020-2021, according to the state-statistic body.

The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed, in a statement, Sunday, that trade exchange between Egypt and the United Arab Emirates (UAE) rose 1.4 percent to about $1.2 billion during the first quarter of 2022, compared to $1.1 billion during the same period in 2021.

It stated that the most prominent commodity groups that Egypt imported from the UAE during the first quarter of 2022 were plastics and their products with a value of $144.9 million, then natural pearls and precious stones with a value of $77.5 million, followed by fuels, mineral oils and their distillation products with about $67.6 million, then iron and steel with $53.4 million, and fish by $45.7 million.

As for the most important commodity groups exported by Egypt to the UAE during the first quarter of 2022, natural pearls and precious stones came at the top of the list with $351.6 million, machinery, electrical appliances and parts recorded $64.1 million, fruits with a value of $29.4 million, and clothes worth $24.9 million.

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Moreover, remittances from Egyptians expatriates in the UAE amounted to $3.5 billion during the 2020-2021 fiscal year, compared to $3.4 billion during the 2019-2020 fiscal year, an increase of 1.4 percent.

It noted that the value of remittances from Emiratis working in Egypt amounted to $39.1 million during the 2020-2021 fiscal year, compared to $41 million during the fiscal year 2019-2020, with a decrease of 4.6 percent.

The number of Egyptians in the UAE, according to the mission’s estimates, reached 950,000 Egyptians until the end of 2020.

The population of Egypt recorded 103.8 million people in 2022, while the population of the UAE recorded 10.1 million people in 2022.

Source: Egypt Today

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Egypt’s annual core inflation records 15.6% in July

by Radarr Africa
written by Radarr Africa

The annual core inflation rate recorded 15.6 percent in July 2022, compared to 14.6 percent in June 2022, the Central Bank of Egypt (CBE) said in a statement Wednesday.

The Consumer Price Index in Egypt has recorded a monthly rate of 1.5 percent in July, compared to 0.6 percent for the same month last year, and to 1.2 percent in June 2022, the statement added.

Core inflation discounts or strips out certain categories that are considered more volatile.

The Central Agency for Public Mobilization and Statistics (CAPMAS), stated, Wednesday, that Egypt’s annual inflation rate rose to 14.6 percent in July 2022, compared to 6.1 percent in the same month of prior year.

The CAPMAS indicated that the annual inflation rate inched down compared to 14.7 percent in June 2022.

The annual urban inflation rate also hiked in July to 13.6 percent, compared to 13.2 percent in June, according to the state-statistic body’s data.

On a monthly basis, inflation recorded 131 points in July 2022,  recording a 0.9 percent decrease compared to June 2022, the CAPMAS said.

CAPMAS attributed the increase in inflation to the rise in the prices of cereals and bread group by 1 percent, the dairy, cheese and eggs group by 5.2 percent, the fruit group by 7.5 percent, and the smoke group by 3.3 percent.

Moreover, the medical products, devices and equipment group hiked by 1 percent, spending on private transportation rose by 9 percent, and the transportation services group by 6.4 percent.

This came despite the decrease in the prices of the vegetables group by 10.8 percent.

The Central Bank of Egypt (CBE) aims to achieve an inflation rate of 7 percent (±2) percentage points on average during the fourth quarter of 2022.

Source: Egypt today

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Egypt’s annual inflation hits 14.6% in July

by Radarr Africa
written by Radarr Africa

 Egypt’s annual headline inflation recorded 14.6% in July 2022, compared to 6.1% in the same month of 2021, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced in a press release today.

The monthly consumer price index (CPI) recorded 131 points in July, marking a 0.9% increase as compared to June, the CAPMAS noted.

The CAPMAS attributed the increase in monthly inflation to the 1% and 5.2% month-on-month (MoM) hikes in the prices of grain and bread and cheese and eggs, respectively, in July.

Moreover, the increased inflation was ascribed to 7.5%, 3.3%, 9%, and 6.4% MoM surges in the segments of fruits, tobacco, private transportation, and transportation services, respectively.

On the other hand, the prices of vegetables dropped 10.8% MoM.

The alcoholic drinks and tobacco segment inched up 3.3% MoM in July, while the ready-made clothing and footwear segment grew slightly by 0.6%.

Moreover, the prices of the transport segment rose by 6.6% last July as compared to June, while the prices of the housing, water, electricity, gas, and fuel segment edged up 0.2%, data showed.

The prices of the healthcare segment also increased by 0.8% in July on a monthly basis, while the restaurants and hotels segment and the commodities and various services segment went up 1% and 0.7%, respectively.

Year-on-year (YoY), the prices of the communication segment inched up by 0.7% last month, while the prices of the education segment remained unchanged at 13.9%.

It is worth noting that Egypt’s annual headline inflation rate reached 14.7% in June 2022, compared to 5.3% in the same month of 2021.

Source: Arab Finance

 

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