Trade exchange between India and Egypt increased to $1.10bn in the first quarter (Q1) of 2021, compared to $ 968.6m in Q4 of 2020, which shows a steady improvement, and promises optimistic trade figures in the future, according to India’s Ambassador to Egypt Ajit Gupte.
India’s exports to Egypt increased to $628.2m in Q1 of 2021, compared to $575m in Q4 of 2020, while Egyptian exports to India increased from $393.6m to $474.2m in the same comparison period.
During an interview with Daily News Egypt, Gupte said that the trade exchange between the two countries reached $4.16bn in fiscal year (FY) 2020/21, down from $4.5bn in FY 2019/20, a slight decline due to the coronavirus (COVID-19) pandemic.
“We are happy to note that despite the pandemic, the trade volumes have been reasonably good, which gives more confidence that as the situation improves, the volume of trade between India and Egypt will go up. In 2020, India was Egypt’s 6th largest export destination and the 8th largest source of import. India was also the 8th largest trade partner for Egypt,” said the Ambassador.