Egypt-G7 trade drops 17% YoY in 2023

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The volume of trade exchange between Egypt and the G7 countries fell around 17% year-on-year (YoY) to $26 billion during 2023 from $31.30 billion in 2022.

The value of Egyptian exports to the G7 countries reached $8.60 billion during the year 2023, compared to $11.40 billion the year before, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Italy was the top market in the G7 for Egyptian exports at $3.20 billion, followed by the US at $1.90 billion.

Imports from G7

Meanwhile, Egyptian imports from the G7 declined to $17.40 billion last year from $19.90 billion. The US led with $5.40 billion of exports to Egypt, followed by Germany at $4.10 billion.

G7 investment in Egypt grew to $8.10 billion in fiscal year (FY) 2022/2023 compared to $7 billion the prior year. Italy topped the list with $2.60 billion invested.

At the same time, Egyptian investment in the G7 dipped slightly to $7.32 billion from $7.34 billion. Italy again was the favorite destination with $3.40 billion invested.

Remittances

Remittances from Egyptian workers in the G7 fell to $2.60 billion in FY22/23 from $3.10 billion in FY21/22.

The US was number one source of remittances at $1.60 billion.

It is worth noting that the number of Egyptians in the G7 countries reached 3.60 million by the end of 2022.