Egypt-Cyprus trade exchange hits $327m in 2024
The trade exchange between Egypt and Cyprus recorded $327 million in 2024, marking a notable increase from $115 million in 2023, according to the latest figures from the official statistics agency CAPMAS on Monday.
Egyptian exports to Cyprus saw a substantial rise, reaching $193 million in 2024, up from $103 million in 2023.
Top Egyptian Exports to Cyprus in 2024:
- Iron and Steel – $98 million
- Fertilizers – $45 million
- Paper Products – $9 million
- Plastics – $7 million
On the import side, Egyptian imports from Cyprus surged to $134 million in 2024, compared to just $12 million the year prior.
Main Imports from Cyprus to Egypt in 2024:
- Fuel and Mineral Oils – $124 million
- Electrical Machinery and Equipment – valued at $5 million
- Pharmaceutical Products – $1 million
Remittances
The report also highlighted remittance trends, with Egyptian workers in Cyprus sending home $14.4 million in the fiscal year 2023/2024, an increase from $13.5 million the previous year. Meanwhile, Cypriot workers in Egypt sent $950,000 in 2023/2024, slightly down from $970,000 in 2022/2023.
Investment Flows
Investment flows between the two countries also showed a positive trajectory. Cypriot investments in Egypt surged to $114.6 million in the fiscal year 2023/2024, a significant jump from $35.2 million in 2022/2023. In return, Egyptian investments in Cyprus grew to $40 million, up from $17.3 million the previous year.