Egypt-EU bilateral trade exceeds $31bln in 2023

PHOTO

Cairo – The value of trade exchange between Egypt and the European Union (EU) dropped by 19.20% year-on-year (YoY) to $31.20 billion in 2023 from $38.60 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) data showed.

The Arab Republic exported goods valued at $11.80 billion to the EU as of 31 December 2023, down 31.80% from $17.30 billion in 2022.

Meanwhile, the Egyptian imports from the EU declined by 9% YoY to $19.40 billion in the January-December 2023 period from $21.30 billion.

Italy topped the list of European countries in terms of Egyptian exports during 2023, with $3.10 billion, followed by Spain and Greece with $1.80 billion and $1.60 billion.

The most important groups of goods that Egypt exported to the EU nations were fuel, mineral oils, and their distillation products at a combined value of $2.90 billion, in addition to iron and steel for $1.20 billion.

During fiscal year (FY) 2022/2023, the value of remittances from Egyptians working in European countries recorded $652 million, an annual plunge of 21.30% from $828.20 million.