Trade Between Egypt & BRICS Nations Reaches USD 30.2 Billion in 2024

The Central Agency for Public Mobilization and Statistics (CAPMAS) reported a significant rise in trade between Egypt and BRICS nations, reaching USD 30.2 billion in the first eight months of 2024, up 15% from USD 26.2 billion in 2023.

As Egypt joined BRICS in January 2024 alongside Saudi Arabia, the UAE, Iran and Ethiopia, its exports to BRICS members grew to USD 5.7 billion, a 7.3% increase from USD 5.3 billion the previous year. Saudi Arabia emerged as the largest importer from Egypt at USD 2.2 billion, followed by the UAE at USD 1.8 billion and Brazil at USD 488 million.

On the import side, Egypt's purchases from BRICS countries totaled USD 24.5 billion, an increase of 17% from USD 20.9 billion in 2023, with China leading at USD 9.8 billion, followed by Saudi Arabia at USD 4.3 billion and Russia at USD 4.1 billion.

Key exports from Egypt included pearls and jewellery making up USD 979 million in exports, fruits and vegetables at USD 967 million, and electrical appliances at USD 415 million. In contrast, major imports included electrical equipment at USD 4.2 billion and fuel at USD 3.4 billion.

BRICS investments in Egypt reached USD 4.4 billion in the fiscal year 2022/2023, a drop from USD 19.5 billion in the previous year. Saudi Arabia led in investments at USD 1.8 billion, followed by the UAE at USD 1.5 billion and China at USD 750 million. Egyptian investments in BRICS countries amounted to USD 17.3 billion, with Saudi Arabia again at the top at USD 7.8 billion.

Remittances from Egyptians working in BRICS totaled USD 10.4 billion, down from USD 14.5 billion the previous year, with Saudi Arabia contributing USD 8.3 billion.