The latest report from the Central Agency for Public Mobilization and Statistics (CAPMAS) shines a spotlight on the burgeoning economic ties between Egypt, Cyprus, and Greece, revealing promising trends for trade relations. As of the first 11 months of 2024, the trade exchange between Egypt and Cyprus has surged to an impressive 7 million, marking a significant increase from 8 million over the previous year. This upward trajectory speaks volumes about the strengthening economic partnership between the two nations.
Delving deeper, Egyptian exports to Cyprus reached a robust 1 million, up from the previous year’s million. Key exports included iron and steel, which alone accounted for million, followed by fertilizers at million and paper products nearing million. Interestingly, Egyptian imports from Cyprus also saw an increase, hitting million, primarily driven by fuel and mineral oils valued at million.
Moreover, remittances from Egyptians working in Cyprus show a positive trend, amounting to .4 million for the fiscal year 2023/24, an increase from .5 million the prior year. The increasing number of Egyptians residing in Cyprus, estimated to be around 4,000 by the year’s end, indicates that these economic relationships are fostering greater cross-cultural ties and opportunities.
On the other hand, Egypt’s trade with Greece was equally noteworthy, with exchanges totaling .5 billion during the same period, which, while slightly lower than the .8 billion recorded last year, still reflects a solid economic foundation between the two countries. Egyptian exports to Greece reached billion—down from .3 billion a year earlier—while imports climbed slightly to 0 million.
The backbone of Egypt’s exports to Greece includes a variety of commodities such as fuel and mineral oils, fertilizers, and a diverse range of agricultural products. Interestingly, remittances from Egyptians working in Greece also increased to million, further illustrating the economic interconnections between the countries.
With Cypriot investments in Egypt ballooning to 4.6 million this past fiscal year—up from .2 million the previous year—the future of Egypt-Cyprus economic relations looks bright. Similarly, Greek investments in Egypt experienced notable growth, emphasizing the potential for continued collaboration.
Clearly, these figures depict a positive trend in the economic landscape of both Cyprus and Greece, offering an encouraging sign for future collaborative endeavors across different sectors. As these nations cultivate their economic bonds, it promises not only increased trade but also enhanced cultural exchanges, paving the way for a prosperous future.
Stay tuned for more updates on the evolving economic landscape across Africa and the Mediterranean.
Tags: #Egypt #Cyprus #Greece #WorldNews #BusinessNews #Tourism
