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#Diplomacy #Trade #Africa #EGYPT #IvoryCoast
Agence Ecofin
Sunday 12 May 2024 Last update on Sunday, May 12, 2024 At 7:00 AM

This dynamic performance, the fruit of the determination of the leaders of the two countries, still has considerable room for improvement in relation to the overall volume of trade with Ivory Coast.

The value of trade between Egypt and Ivory Coast in 2023 amounted to 175.8 billion fcfa (around 287 million USD), according to a statement by Souleymane Diarrassouba (photo), Ivory Coast’s Minister of Trade and Industry. These figures, communicated at the opening on Monday 29 April 2024 of the Club Afrique Développement economic forum organised by the Moroccan banking group Attijariwafa Bank in Abidjan, represent an increase of 34.5% compared with 2022.

In detail, Ivorian exports to Egypt reached CFAF 37.8 billion (USD 62 million) over the period, while Ivorian imports from Egypt totalled CFAF 138 billion (USD 225 million). These figures, which relate to goods only, have been confirmed by the Ivorian customs authorities. This positive development is in line with the wishes expressed by the leaders of the two countries.

During his visit to Abidjan on 11 April 2019, the Egyptian president, Abdel Fattah al-Sissi, and his Ivorian counterpart, Alassane Ouattara, signed several agreements aimed at revitalising trade. At the time, overall trade between the two nations did not exceed USD 55.4 million.

However, it is important to note that the evolution of this trade remains in Egypt’s favour. In 2022, its trade surplus with Ivory Coast was USD 121 million, according to UN Comtrade data. Based on figures for 2023, this surplus is expected to rise to USD 163 million (around CFAF 100 billion). In total, since the signing of the 2019 agreements, the net trade gain for Egypt is 147.6 billion fcfa. Only once in 2021 has the balance been positive for Côte d’Ivoire (77.5 billion fcfa).

More generally, the value of Ivory Coast’s trade with its external partners in 2023 reached 22,450 billion CFA francs, according to its customs services. Against this backdrop, trade relations with Egypt, while dynamic and growing, remain relatively modest for the time being.

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