Trade relations between Egypt and Greece experienced a slight downturn in 2024, according to the latest data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Both nations appear poised to deepen their collaboration, with opportunities to expand trade partnerships and mutual investments across key sectors © Mena Today
Trade relations between Egypt and Greece experienced a slight downturn in 2024, according to the latest data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Total trade volume between the two Mediterranean nations dropped to $1.5 billion in the first 11 months of 2024, compared to $1.8 billion during the same period in 2023.
Egyptian exports to Greece saw a moderate decline, slipping to $1 billion from $1.3 billion the previous year. Despite this decrease, key export commodities remained consistent, led by mineral fuels, oils, and distillation products valued at $610 million. Fertilizers followed at $92 million, while vegetables and fruits accounted for $84 million. Additionally, Egypt exported $46 million in plastics and related products and $33 million in iron and steel.
Conversely, imports from Greece edged up slightly to $530 million from $523 million. Greece’s leading exports to Egypt included $274 million in mineral fuels and oils, $120 million in cotton, and $44 million in fruits and nuts. Egypt also imported $15 million each in tobacco and machinery or electrical appliances from Greece.
Remittances between the two countries have also shown growth. Egyptian workers in Greece sent home $15 million during the fiscal year 2023/2024, a modest rise from $14.3 million the year before.
Similarly, remittances from Greeks working in Egypt increased to $3.4 million, up from $2.7 million in the previous fiscal year.
Investment Flows Show Remarkable Growth
Investment relations between Egypt and Greece witnessed a significant boost. Greek investments in Egypt nearly doubled, reaching $13.9 million in the 2023/2024 fiscal year, compared to $6.7 million in 2022/2023. Egyptian investments in Greece also climbed to $1 million, up from $700,000 in the prior fiscal year.
Despite the overall dip in trade, the strengthening of remittances and investment flows indicates a promising trajectory for Egypt-Greece economic relations.
Both nations appear poised to deepen their collaboration, with opportunities to expand trade partnerships and mutual investments across key sectors.
As the global economic landscape continues to shift, Egypt and Greece's economic relationship remains resilient, offering potential for more robust cooperation in the coming years.
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