Egypt-BRICS trade exchange up 15% YoY in 8 months

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Arab Finance: Trade exchange between Egypt and BRICS countries went up by 15% year on year (YoY) in the first eight months of 2024 to $30.2 billion, compared to $26.2 billion, according to data by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of Egyptian exports to the BRICS countries grew by 7.3% YoY over the January-August period this year to $5.7 billion from $5.3 billion.

Meanwhile, the value of Egypt’s imports from the BRICS countries recorded $24.5 billion in the eight-month period, up by 17% from $20.9 billion in the year-ago period.

In fiscal year (FY) 2022/2023, remittances of Egyptians living in the BRICS countries reached $10.4 billion, down from $14.5 billion the year before.

On the other hand, remittances of workers from the group living in Egypt fell to $95 million in FY 2022/2023 from $103 million a year earlier.

The value of BRICS investments in Egypt amounted to $4.4 billion in FY 2022/2023, compared to $19.5 billion a year earlier.

Meanwhile, the value of Egyptian investments in the BRICS countries amounted to $17.3 billion, down from $22 billion in FY 2021/2022.