Egyptian-Brazilian trade drops 18% YoY in 2023

PHOTO

Trade exchange between Egypt and Brazil fell by 18% year on year (YoY) in the 2023 to $3.4 billion, compared to $4.2 billion, the Middle East News Agency (MENA) reported, citing data by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of Egyptian exports to Brazil inched up by 1.3% YoY last year to $444 million from $438 million.

On the other hand, the value of Egypt’s imports from Brazil saw a 20% drop in 2023, recording $3 billion from $3.7 billion in 2022.

In fiscal year (FY) 2021/2022, remittances of Egyptians living in Brazil went up to $42.2 million from $3.8 million in the previous FY.

However, remittances of Brazilians working in Egypt rose by 22.7% YoY to $1.3 million in FY 2021/2022 from $1.04 million.

Moreover, Brazilian investments in Egypt recorded $829,000 in FY 2021/2022, down by 65.9% YoY from $2.4 million.