The value of Egyptian exports to EU member declined 31.8% year on year, amounting to $11.8 billion
Trade exchange between Egypt and the European Union (EU) experienced a decline of 19% in 2023, totaling $31.2 billion, according to Asharq Bloomberg.
The value of Egyptian exports to EU member declined 31.8% year on year, amounting to $11.8 billion. Simultaneously, imports from EU nations witnessed a decline of 9% and were valued at $19.4 billion.
Among EU countries, Italy emerged as the leading importer of Egyptian goods, with imports worth $3.1 billion. Spain and Greece followed suit, importing Egyptian products valued at $1.8 billion and $1.6 billion, respectively.
On the other hand, Germany took the top spot as the leading EU exporter to Egypt, with exports worth $4.1 billion to the North African nation. The decline in trade volume signals a challenging year for the Egyptian economy, impacting various sectors.
European Union is considered Egypt's largest trading partner, as the total trade volume exceeded 37 billion euros in 2022 and witnessed an increase of 79% compared to 2021.
On Sunday, The European Union (EU) announced a proposed package of financial support and investments worth €7.4 billion for 2024-2027, to strengthen relations with Egypt. The announcement was made by the Delegation of the European Union during the EU-Egypt Summit held in Cairo on Sunday.
The comprehensive package includes €600 million in grants, with €200 million specifically allocated for migration management. Additionally, €5 billion will be provided in soft loans, and €1.8 billion will be invested in various sectors.
