Egypt-Cyprus trade exchange doubles to $217m in 11 months – CAPMAS

Egypt’s trade exchange with Cyprus has experienced a significant surge, reaching $217 million during the first 11 months of 2024, nearly doubling the $108 million reported during the same period in 2023.

According to the latest figures from the official statistics agency CAPMAS, the jump highlights the growing economic partnership between the two countries.

Egyptian exports to Cyprus accounted for the bulk of the increase, totaling $181 million in 11 months, up from $96 million in 2023. The top exports included iron and steel at $92 million, fertilisers at $43 million, paper products at $8 million, and plastics products at $6 million. On the import side, Egypt’s purchases from Cyprus grew to $36 million, up from just $12 million last year, with fuel and mineral oils making up the majority at $28 million, followed by appliances and electrical equipment at $4 million.

In addition to trade, other economic relations have also seen positive trends. Egyptian remittances from Cyprus amounted to $14.4 million in the 2023/2024 fiscal year, a slight increase from $13.5 million the previous year. Meanwhile, Cypriot investments in Egypt surged to $114.6 million, up from $35.2 million, while Egyptian investments in Cyprus also grew significantly, reaching $40 million from $17.3 million.

As Egypt and Cyprus bolster their economic and diplomatic ties, President Abdel Fattah El-Sisi is meeting with Cypriot President Nikos Christodoulides during a trilateral summit in Cairo. The summit, alongside the Egyptian-Greek-Cypriot Economic Forum, aims to further promote economic collaboration between the three nations.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser