Egypt’s foreign trade has reached an impressive $104.7 billion in the fiscal year 2023/2024, according to a recent report by the Central Bank of Egypt (CBE). This substantial figure includes $72.1 billion in imports and $32.6 billion in exports, emphasizing the country’s robust engagement with global markets.
The CBE’s comprehensive analysis reveals that trade exchanges with Egypt’s top 14 trading partners account for a significant 64.6% of the total foreign trade, amounting to approximately $67.6 billion. Among these, the United Arab Emirates (UAE) leads the pack as Egypt’s largest trading ally, with a total trade volume of $9.3 billion—$5.6 billion in imports and $3.7 billion in exports.
Following the UAE, the United States maintains a strong position as Egypt’s second-largest trading partner, boasting a trade volume of $7.5 billion. This includes $3.9 billion in imports and $3.6 billion in exports. Saudi Arabia is not far behind, with a $7.2 billion trade volume, predominantly driven by $5.4 billion in imports.
China, a key player in global trade, ranks fourth with a $7.2 billion trade value, largely consisting of $6.7 billion in imports. Germany occupies the fifth spot with a trade volume of $5.2 billion, showcasing a balance between $3.7 billion in imports and $1.5 billion in exports.
The list of prominent trade partners continues with the United Kingdom and Italy, registering $4.8 billion and $4.6 billion in total trade, respectively. Notable mentions also include Turkey at $4.3 billion, Switzerland at $4.1 billion, and Russia with $3.2 billion. Egypt’s trade with Brazil, India, and France stands at $2.8 billion, $2.5 billion, and $2.4 billion, respectively.
Additionally, trade with countries outside the top 14 amounts to a substantial $37.1 billion, comprising $26.2 billion in imports and $10.9 billion in exports. This data highlights Egypt’s diverse and expansive economic relationships on the global stage.
Experts in international trade suggest that Egypt’s strategic geographic location and its economic reforms have played a pivotal role in bolstering these trade relationships. Dr. Nourhan Ahmed, a trade analyst at the Egyptian Center for Economic Studies, commented, “Egypt’s economic policies have created a favorable environment for trade, attracting significant foreign investments and partnerships.”
In exclusive insights, Egypt is reportedly eyeing new agreements to further diversify its export portfolio, particularly in renewable energy and technology sectors, aligning with global sustainability trends.
As Egypt continues to navigate its path in the global economic landscape, these trade figures not only reflect current achievements but also signal potential growth opportunities for the future.
