Egypt’s trade exchange with G20 countries has seen a significant increase, reaching $61 billion in the first nine months of 2024, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). This marks a notable rise from $55.6 billion in the same period in 2023, reflecting a $5.4 billion increase.
President Abdel Fattah Al-Sisi’s participation in the G20 Summit in Rio de Janeiro, Brazil coincided with this announcement, underlining Egypt’s active engagement in international trade. The country’s exports to G20 nations totaled $14.4 billion in the first three quarters of 2024, slightly lower than the $14.9 billion recorded in the corresponding period of 2023.
Italy emerged as the top importer from Egypt among G20 countries, with imports totaling $2.9 billion, followed by Saudi Arabia, Turkey, the United States, and the United Kingdom. Other significant importers included France, Germany, Brazil, Russia, and India.
Key Egyptian exports to G20 nations encompassed a variety of products such as fossil fuels, vegetables, fruits, ready-made garments, electrical machinery, fertilizers, plastics, iron, and steel. These exports play a vital role in strengthening Egypt’s economic ties with major global markets.
On the import side, Egypt received goods worth $46.6 billion from G20 countries during the same period, showing an increase from $40.7 billion in 2023. China led the way as the largest exporter to Egypt, followed by the United States, Saudi Arabia, Russia, Germany, Brazil, Italy, Turkey, India, and the United Kingdom.
The imported goods comprised categories like electrical machinery, fossil fuels, iron, steel, grains, vehicles, plastics, and chemicals, highlighting the diverse range of products entering the Egyptian market from G20 nations.
CAPMAS also shed light on remittances from Egyptian workers residing in G20 countries, which amounted to $11.1 billion in the 2022/23 fiscal year, down from $14.3 billion in the previous year. Saudi Arabia stood out as the primary destination for remittances, followed by the United States, the United Kingdom, Germany, Canada, Italy, France, Australia, Turkey, and China.
Conversely, remittances from G20 nationals employed in Egypt totaled $215.6 million in the 2022/23 fiscal year, showing a slight decrease from the previous period. The United Kingdom, the United States, Saudi Arabia, India, Germany, Canada, Turkey, France, Australia, and South Africa were among the top contributors to remittances from G20 countries to Egypt.
Moreover, investments from G20 countries into Egypt surged to $12 billion in the 2022/23 fiscal year, up from $8.7 billion in the prior year. At the same time, Egyptian investments in G20 nations also saw growth, reaching $8.2 billion compared to $7.9 billion in the previous fiscal year.
Overall, these figures underscore the robust economic relations between Egypt and G20 countries, showcasing the mutual benefits derived from trade, remittances, and investments. With millions of Egyptians residing in G20 nations and engaging in various economic activities, the ties between Egypt and these major global economies continue to deepen, fostering prosperity and cooperation on multiple fronts.