According to the Central Agency for Public Mobilisation and Statistics, trade between Egypt and Greece decreased from USD 1.8 billion in 2023 to USD 1.5 billion in the first 11 months of 2024.
The trilateral conference between Egypt, Greece, and Cyprus in Cairo coincided with the release of this data. Greek Prime Minister Kyriakos Mitsotakis met with President Abdel Fattah Al-Sisi at the Egyptian-Greek-Cypriot Economic Forum on the fringes of the summit.
In particular, Egyptian exports to Greece decreased from USD 1.3 billion in the same time in 2023 to USD 1 billion in the first 11 months of 2024. On the other hand, Greek imports to Egypt were USD 530 million, a modest increase from USD 523 million in the first 11 months of 2023.
During this time, Egypt’s USD 610 million worth of exports to Greece included fuels, mineral oils, and distillation products. Fertilisers brought in USD 92 million, fruits and vegetables brought in USD 84 million, plastics and associated goods brought in USD 46 million, and iron and steel brought in USD 33 million.
At USD 274 million, fuels, mineral oils, and distillation products were Egypt’s main imports from Greece. Cotton brought in USD 120 million, fruits and nuts USD 44 million, tobacco USD 15 million, and electrical appliances and machinery USD 15 million.
In fiscal year 2023/2024, remittances from Egyptians employed in Greece totalled USD 15 million, up from USD 14.3 million in the prior fiscal year. In fiscal year 2023/2024, Greek employees in Egypt sent USD 3.4 million home, an increase from USD 2.7 million in fiscal year 2022/2023.
Greek investments in Egypt increased from USD 6.7 million in the previous fiscal year to USD 13.9 million in the 2023–2024 fiscal year. In the meantime, Egyptian investments in Greece increased from USD 700,000 in fiscal year 2022/2023 to USD 1 million in fiscal year 2023/2024.
In 2024, the population of Egypt was 107.2 million, whilst that of Greece was 10 million. By the end of 2023, there were estimated to be about 40,000 Egyptians living in Greece.
Relatedly, during the first 11 months of 2024, trade between Egypt and Cyprus totalled USD 217 million. During this time, Egyptian exports to Cyprus totalled USD 181 million, a substantial rise above the USD 96 million reported during the same period in 2023. In contrast, Egyptian imports from Cyprus increased from USD 12 million to USD 36 million during the same time in 2023.
Egypt’s top exports to Cyprus were plastics (USD 6 million), paper (USD 8 million), fertilisers (USD 43 million), and iron and steel (USD 92 million). Fuels and mineral oils accounted for USD 28 million of Egypt’s total imports from Cyprus, followed by machinery and electrical appliances at USD 4 million and pharmaceuticals at USD 1 million.
In fiscal year 2023/2024, remittances from Egyptians employed in Cyprus came to USD 14.4 million, up from USD 13.5 million in the year before. On the other hand, in fiscal year 2023/2024, Cypriot employees in Egypt sent USD 950,000, a minor decrease from USD 970,000 in the previous year.
In fiscal year 2023/2024, Cypriot investments in Egypt reached USD 114.6 million, a significant rise from USD 35.2 million in the year before. In fiscal year 2023/2024, Egyptian investments in Cyprus totalled USD 40 million, up from USD 17.3 million in fiscal year 2022/2023.
In 2024, the population of Egypt was 107.2 million, but that of Cyprus was 1.4 million. By the end of 2023, there were an estimated 4,000 Egyptians residing in Cyprus.