Egyptian Trade With G20 Nations Rises to USD 61 Billion in 2024

Egypt's trade exchange with G20 nations rose to USD 61 billion during the first nine months of 2024, compared to a USD 5.4 billion increase in trade exchange during the same time in 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

This was achieved through deepening of economic ties. In spite of a decline in exports totalling USD 14.4 billion down from USD 14.9 billion in 2023, there has been a USD 6.6 billion dollar surge in imports compared with 2023.

The exports showed a wide range from fossil fuels and oils, vegetables and fruits and ready-made garments. Italy appeared to be Egypt’s largest importer accounting for USD 2.9 billion, followed by Saudi Arabia (USD 2.4 billion), Turkiye (USD 2.3 billion), the United States (USD 1.7 billion), and the United Kingdom (USD 1.2 billion). The export portfolio showed a diverse range from fossil fuels and oils (USD 2.3 billion), vegetables and fruits (USD 1.7 billion) and ready-made garments (USD 1.5 billion).

On the other side, China continues to dominate as Egypt’s largest import partner accounting for USD 11.3 billion to the USD 46.6 billion total, accompanied by the United States, Saudi Arabia, Russia, Germany and Brazil. The largest bracket of imports were electrical machinery and equipment at USD 8.2 billion. Other brackets included fossil fuels, oils, iron and steel.

Investment and remittances from G20 nations also play a noteworthy role, as investments climbed during the 2022/2023 fiscal year to USD 12 billion up from USD 8.7 billion during the last fiscal year. Remittances from Egyptians living abroad reflect a global challenge as they’ve declined from USD 14.3 billion to USD 11.1 billion.