Egypt-Greece trade reaches $1.5b in 11 months – CAPMAS

Egypt’s trade exchange with Greece reached $1.5 billion in the first 11 months of 2024, a slight decline from $1.8 billion during the same period in 2023, according to the latest data from the official statistics agency CAPMAS on Wednesday.

The drop was largely driven by a fall in Egyptian exports to Greece, reaching $1 billion in 11 months from $1.3 billion in 2023. Key Egyptian exports included fuel, mineral oils, and distillation products at $610 million, fertilisers at $92 million, vegetables and fruits at $84 million, plastics and their products at $46 million, and iron and steel at $33 million.

On the import side, Egypt saw a slight increase, importing $530 million from Greece, up from $523 million in the previous year, with notable imports including fuel, mineral oils, and distillation products at $274 million, cotton at $120 million, fruits and produce at $44 million, tobacco at $15 million, and electrical machinery and equipment at $15 million.

In terms of economic relations, Egyptian remittances from Greece amounted to $15 million in the 2023/2024 fiscal year, reflecting a small increase from $14.3 million the previous year. Greek investments in Egypt also saw an uptick, rising to $13.9 million from $6.7 million, while Egyptian investments in Greece remained modest, totaling $1 million, up from $700,000 million the previous year.

With both nations looking to bolster their economic ties, a trilateral summit is currently taking place in Cairo, bringing together Egypt, Greece, and Cyprus. During the summit, President Abdel Fattah El-Sisi is meeting with Greek Prime Minister Kyriakos Mitsotakis, and the Egyptian-Greek-Cypriot Economic Forum is being held on the sidelines to enhance economic collaboration.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser