Trade between Egypt and Greece reached $1.5 billion in the first 11 months of 2024, representing a slight decline from the $1.8 billion recorded during the same period last year. This figure, released by the Central Agency for Public Mobilization and Statistics, was announced alongside the conclusion of a trilateral summit in Cairo involving leaders from Egypt, Greece, and Cyprus.
During the summit, Egyptian President Abdel Fattah Al-Sisi met with Greek Prime Minister Kyriakos Mitsotakis on the sidelines of the Egyptian-Greek-Cypriot Economic Forum. Both leaders discussed avenues for expanding bilateral economic cooperation.
In terms of trade, Egyptian exports to Greece stood at $1 billion for the first 11 months of 2024, down from $1.3 billion in 2023. Notably, Egypt’s exports to Greece were led by fuels, mineral oils, and distillation products, valued at $610 million, followed by fertilizers ($92 million), vegetables and fruits ($84 million), plastics ($46 million), and iron and steel ($33 million). Meanwhile, Egyptian imports from Greece totaled $530 million, showing a marginal increase from $523 million the previous year, primarily driven by fuels, cotton, and machinery.
Labor migration between the two countries also remains significant. Egyptians working in Greece sent home $15 million in remittances in the 2023/2024 fiscal year, a rise from $14.3 million in the prior year. Conversely, Greek nationals in Egypt transferred $3.4 million back to Greece, up from $2.7 million in 2022/2023.
Investment flows between the two nations also highlight a growing economic relationship. Greek investments in Egypt surged to $13.9 million in 2023/2024, compared to $6.7 million the previous year. Meanwhile, Egyptian investments in Greece grew to $1 million, marking an increase from $700,000 in 2022/2023.
In parallel, trade between Egypt and Cyprus has seen notable growth, reaching $217 million in the first 11 months of 2024. Egyptian exports to Cyprus soared to $181 million, up from $96 million in 2023, driven by iron and steel ($92 million), fertilizers ($43 million), and paper products ($8 million). Meanwhile, Egypt imported $36 million worth of goods from Cyprus, with fuels, mineral oils, and machinery being the primary items.
Remittances from Egyptians working in Cyprus amounted to $14.4 million in fiscal year 2023/2024, up from $13.5 million the previous year. Cypriot workers in Egypt sent $950,000, slightly down from $970,000 in the prior year.
The economic ties between Egypt and Cyprus are further reinforced by growing investment. Cypriot investments in Egypt saw a sharp increase to $114.6 million, compared to $35.2 million in 2022/2023. Egyptian investments in Cyprus also grew to $40 million, up from $17.3 million in the previous fiscal year.
Egypt’s growing population of 107.2 million, contrasted with Cyprus’s smaller population of 1.4 million, continues to fuel labor migration and enhance trade between the nations. As of 2023, an estimated 40,000 Egyptians were living in Greece, while 4,000 Egyptians resided in Cyprus, further strengthening the people-to-people connections that underpin these strong economic relations.