KSA-Egypt trade volume grows to SR117.5 billion in 10 years

KSA-Egypt trade volume grows to SR117.5 billion in 10 years
Updated 11 August 2014

KSA-Egypt trade volume grows to SR117.5 billion in 10 years

KSA-Egypt trade volume grows to SR117.5 billion in 10 years

The volume of trade exchange between Saudi Arabia and Egypt has registered significant increase reaching SR117.5 billion ($ 31.3 billion) in the last 10 years (2004-2013), according to a financial report.
The report, compiled by Al-Eqtisadiyah daily, says the trade balance was in favor of the Saudi side at an estimated surplus of SR46.2 billion ($12.3 billion), or 39 percent of trade between the two countries in the above period.
In 2013, trade exchange between the two countries stood at SR20 billion ($5.3 billion) where Saudi exports to Egypt stood at nearly SR12.1 billion ($3.2 billion) whereas its imports from Egypt amounted to SR7.9 billion ($2.1 billion), the report said quoting data released by the Central Department of Statistics and Information (CDSI).
The trade balance between the two countries registered a surplus of SR4.2 billion ($1.1 billion) in favor of Saudi Arabia in 2013, or 21 percent of the trade volume in the same year, the report said.
Over the past five moths of the 2014, Saudi Arabia has been on top of countries receiving Egyptian exports at 6.4 billion Egyptian pounds (SR3.4 billion, or $900 million).
Egyptian exports to the Kingdom, however, registered different values in the past five months of the current year as follows: at EP1.240 billion (Jan.), EP1.285 billion (Feb), EP1.280 billion (March), EP1.261 billion (April), and EP 1.312 billion (May), according to figures released by the Import and Export Agency, an affiliate of the Egyptian Ministry of Industry and Foreign Trade.
Building materials topped Egyptian exports to the Kingdom in the five-month period (Jan.-May) at EP1.234 billion, followed by engineering and electronic commodities (EP1.231 billion), food industries (EP1.044 billion), agro products (EP732 million), chemicals and fertilizer (EP452 million), and furniture (EP367 million), the report said.
In 2013, Saudi Arabia imported a series of commodities from Egypt, dominated by iron and steel products at SR1.6 billion, followed by orange (SR361.3 million), copper wire (SR270.3 million), onion (SR 264.2 million), cheese products (SR188 million), wooden seats (SR154.5 million), Portland cement (SR122.4 million), tiles and cubes (SR105.3 million), wooden furniture (SR91 million), watermelon seeds (SR 84.5 million), electric connectors (SR84.3 million), ceramics (SR81.7 million), cooking ovens (SR79.5 million), and other commodities at SR4.3 billion, thus bringing the total Saudi imports from Egypt to SR7.9 billion, the report said.


Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
Updated 18 min 55 sec ago

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
  • The bank expects economic growth of 6.6% in 2021
  • Biden outlined a $1.9 trillion stimulus package proposal on Thursday

Analysts at Goldman Sachs Group raised their U.S. growth forecast for the second time this month on expectations that President-elect Joe Biden’s fiscal stimulus plan will hasten the economy’s recovery from the COVID-19 pandemic.
The bank expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published on Saturday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion.
Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
“Larger boosts to disposable income and government spending imply stronger growth later in the year,” the bank’s analysts wrote.