Egypt-Germany trade exchange reaches $2.5bln in H1 2024: CAPMAS

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Egypt - The Central Agency for Public Mobilization and Statistics (CAPMAS) announced Wednesday a 4.2% increase in the trade exchange between Egypt and Germany, reaching $2.5bn during the first half of 2024, compared to $2.4bn in the same period of 2023.

In conjunction with German President Frank-Walter Steinmeier’s visit to Cairo, CAPMAS revealed that Egyptian exports to Germany amounted to $463m in H1 2024, up from $417m in the same period of 2023, an 11% increase. On the other hand, Egyptian imports from Germany reached $2bn, compared to $1.9bn, a 5.3% rise.

The key Egyptian exports to Germany during H1 2024 included fruits and vegetables valued at $93m, machinery and electrical appliances at $68m, ready-made garments at $65m, mineral fuels and oils at $50m, and seeds and oil crops at $25m.

Conversely, major imports from Germany to Egypt during the same period included machinery and electrical appliances worth $628m, vehicles and tractors at $464m, pharmaceutical products at $206m, plastics and their articles at $111m, and various chemical products at $61m.

German investments in Egypt totaled $196.4m in H1 of FY 2023/2024, slightly down from $199.6m during the same period in FY 2022/2023. Meanwhile, Egyptian investments in Germany stood at $97.9m, compared to $131.4m in the previous fiscal period.

CAPMAS also reported that remittances from Egyptians working in Germany amounted to $129.8m during FY 2022/2023, down from $203.3m in FY 2021/2022. German worker remittances from Egypt reached $15.2m, compared to $9.7m previously. The estimated number of Egyptians residing in Germany reached 128,000 by the end of 2023.

As of September 2024, Egypt’s population stood at 106.8 million, while Germany’s population was 83.2 million.