Egypt-Saudi trade rises by 37.8% in 2024 amid declining investments

Egypt’s trade with Saudi Arabia experienced significant growth in 2024, with exports rising by 25.9% to reach $3.4 billion, compared to $2.7 billion in 2023, according to the latest data from the Central Agency for Public Mobilization and Statistics (CAPMAS).

Imports from Saudi Arabia saw an even steeper increase, surging 43.6% to $7.9 billion in 2024, up from $5.5 billion the previous year. This substantial growth resulted in an overall trade volume expansion of 37.8%, bringing the total trade exchange between the two nations to $11.3 billion, compared to $8.2 billion in 2023.

Egypt’s leading export to Saudi Arabia in 2024 was pure copper wires, valued at $645 million. Other major exports included: Vegetables and fruits: $397 million, iron and steel: $222 million, ready-made garments: $202 million, furniture and prefabricated structures: $91 million

On the import side, Egypt’s biggest purchases from Saudi Arabia were fuels, mineral oils, and distillation products, amounting to $5.6 billion. 

Despite the surge in trade, Saudi investments in Egypt saw a sharp decline, dropping to $775.5 million in the 2023/2024 fiscal year, compared to $2.4 billion in 2022/2023.

Similarly, Egyptian investments in Saudi Arabia also fell, totaling $190 million in 2023/2024, down from $272.1 million the previous fiscal year.