Trade volume between Egypt and the Developing-8 (D-8) countries increased to $7.9 billion during the first ten months of 2024, compared to $8 billion in the same period of 2023,
Trade volume between Egypt and the Developing-8 (D-8) countries increased to $7.9 billion during the first ten months of 2024, compared to $8 billion in the same period of 2023, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday.
Egypt’s exports to the D-8 countries reached $3.1 billion during the first ten months of 2024, down from $3.7 billion during the same period in 2023. Turkey was the leading importer of Egyptian goods, with a value of $2.6 billion, followed by Nigeria with $119.8 million, Indonesia with $109.5 million, Pakistan with $88.7 million, Malaysia with $77.4 million, Bangladesh with $61.2 million, and Iran with $2.5 million.
Among the most significant Egyptian exports to these countries were plastics and related products worth $385 million, mineral fuels and oils valued at $291 million, fertilizers totaling $268 million, vegetables and fruits worth $239 million, and iron and steel products valued at $201 million.
On the other hand, Egypt’s imports from the D-8 countries rose to $4.8 billion during the first ten months of 2024, compared to $4.3 billion in the same period in 2023. Turkey ranked as the top exporter to Egypt, with a value of $2.7 billion, followed by Indonesia with $1.3 billion, Malaysia with $578.7 million, Nigeria with $111.7 million, Pakistan with $91.7 million, Bangladesh with $41.8 million, and Iran with $3.3 million.
Major imported goods included animal and vegetable oils and fats worth $1.2 billion, machinery and electrical equipment valued at $585 million, iron and steel products totaling $566 million, mineral fuels and oils worth $335 million, organic and inorganic chemical products valued at $227 million, and plastics and related products worth $163 million.
Remittances from Egyptians working in D-8 countries amounted to $71.1 million during the fiscal year 2022/2023, up from $70 million in the previous year. Turkey was the largest source of these remittances, accounting for $30.1 million, followed by Nigeria with $18 million, Bangladesh with $8.2 million, Malaysia with $6.6 million, Indonesia with $5.1 million, Pakistan with $3 million, and Iran with $9,000.
Conversely, remittances from workers in D-8 countries to Egypt reached $20.6 million in the fiscal year 2022/2023, down from $21.5 million in the prior fiscal year. Turkey again topped this list, with $10.7 million, followed by Indonesia with $3.6 million, Nigeria with $2.7 million, Malaysia with $2.3 million, Pakistan with $1.3 million, and Bangladesh with $174,000.
Investments from D-8 countries in Egypt increased significantly to $100.8 million in the fiscal year 2022/2023, compared to $47.6 million in the previous year. Meanwhile, Egyptian investments in the D-8 countries declined to $939 million during the same period, down from $1.2 billion in the fiscal year 2021/2022. The estimated number of Egyptians residing in D-8 countries was approximately 79,600 as of the end of 2023.
