Egyptian trade with G7 countries shrunk by 17% last year

Trade between Egypt and G7 countries dipped in 2023, dropping by 17% to around $26 billion, reported the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday.

Egyptian exports to the G7 countries saw a significant decline of 9.7% compared to the previous year, totaling about $8.6 billion in 2023.

Italy emerged as the top importer from Egypt, with imports valued at $3.2 billion, followed by the United States at approximately $1.9 billion, and the United Kingdom at around $1.2 billion.

In terms of exporting to Egypt, the United States led the list in 2023 with imports totaling $5.4 billion. Germany followed closely with about $4.1 billion in exports, while Italy exported goods worth $3.2 billion to Egypt.

Investments from the G7 countries into Egypt reached $8.1 billion during FY2022/2023, showing an increase from the previous fiscal year's $7 billion.

Egyptian investments in G7 nations amounted to $7.32 billion during the same period.

Remittances from workers in G7 countries to Egypt decreased to $128.6 million during the same fiscal year, down from $137.4 million in the fiscal year 2021/2022.

Egyptians working in G7 countries lowered the amount of remittances back to Egypt, declining to $2.6 billion during FY2022/2023 from $3.1 billion in FY2021/2022.