Egypt and Greece: Navigating the Waters of Trade Relations in 2024
In an exciting twist on international trade, the latest figures from Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) reveal that trade exchange between Egypt and Greece for the year 2024 reached .6 billion. While this marks a slight decline from the impressive billion seen in 2023, it’s important to view these numbers in a broader context of evolving economic partnerships.
This information surfaced just as President Abdel Fattah Al-Sisi embarked on a monumental visit to Greece, highlighting the importance of strengthening relations between the two nations. Interestingly, during the same period, Egyptian exports to Greece saw a dip, settling at .1 billion compared to .4 billion last year. On the flip side, imports from Greece also fell to 4 million, down from 7 million in 2023.
So, what exactly does Egypt send Greece’s way? Fuel, mineral oils, and distillation products topped the list, impressively valued at 5 million. Other noteworthy exports included fertilizers at 4 million, alongside fresh vegetables and fruits contributing another million. Not to be overlooked, plastics and iron and steel also played significant roles in Egypt’s export landscape.
Turning our gaze towards imports, Egypt’s primary procurements from Greece included not just fuel and mineral oils but also cotton, which stands at 2 million, along with fruits and nuts valued at million, and a modest million of tobacco products.
Diving deeper into financial flows, remittances from the Egyptian workers in Greece experienced a subtle increase, climbing to million for the fiscal year 2023/2024, a rise from the previous .3 million. Conversely, Greeks employed in Egypt sent home .4 million, increasing from .7 million the year prior.
A shining beacon of growth is seen in Greek investments in Egypt, which more than doubled to an impressive .9 million from .7 million. Egyptian investments in Greece also found momentum, rising to million, compared to 0,000 the previous year.
As both nations continue to foster strong ties, it’s clear that their economic relationship highlights a partnership moving forward, ripe with potential for recovery and growth. With dedicated efforts to enhance trade and investment, Egypt and Greece stand on the brink of forging an even stronger alliance that could pave the way for new opportunities in the years to come.
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