7.3% Increase in Egypt’s Exports to BRICS Nations During 2024Source: www.export-egypt.com 10/24/2024, Location: Africa |
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Trade between Egypt and BRICS countries surged to $30.2 billion during the first eight months of 2024, a 15% increase compared to $26.2 billion in the same period of 2023, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
Egyptian exports to BRICS nations reached $5.7 billion, up 7.3 percent from $5.3 billion the previous year. Saudi Arabia led the BRICS countries importing from Egypt, with Egyptian exports amounting to $2.2 billion. The UAE followed with $1.8 billion, Brazil with $488 million, Russia with $438 million, India with $343 million, and China with $290 million. Key exports from Egypt included pearls, precious stones, and jewelry ($979 million), followed by vegetables and fruits ($967 million), machinery and electrical appliances ($415 million), fuel and mineral oils ($358 million), and iron and steel ($254 million). On the import side, Egypt brought in $24.5 billion worth of goods from BRICS countries during the first eight months of 2024, marking a 17% rise from $20.9 billion in the same period of 2023. China was Egypt's largest exporter within BRICS, with exports to Egypt totaling $9.8 billion, followed by Saudi Arabia with $4.3 billion, Russia with $4.1 billion, Brazil with $2.5 billion, India with $2 billion, and the UAE with $1.8 billion. Egypt's main imports included machinery and electrical devices ($4.2 billion), fuel and mineral oils ($3.4 billion), grains ($2.6 billion), iron and steel products ($2.2 billion), and plastics ($1.8 billion). In terms of investments, BRICS countries invested $4.4 billion in Egypt during the fiscal year 2022/2023, down from $19.5 billion in 2021/2022. Saudi Arabia ranked first with $1.8 billion, followed by the UAE with $1.5 billion, China with $750 million, India with $154.4 million, and Russia with $125.9 million. Egypt's investments in BRICS nations amounted to $17.3 billion in FY 2022/2023, a decline from $22 billion in FY 2021/2022. Saudi Arabia received the highest Egyptian investments, totaling $7.8 billion, followed by the UAE with $5.2 billion, China with $2.5 billion, Russia with $789.5 million, and India with $488.4 million. |
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