Saudi Arabia ranked first in the list of BRICS countries with the highest investment in Egypt
Egypt's The Central Agency for Public Mobilization and Statistics (CAPMAS) reported an increase in trade between Egypt and BRICS countries to US$30.2 billion in the first eight months of 2024, compared to US$26.2 billion in the same period of 2023.
According to CAPMAS data, Egypt's exports to BRICS countries totalled US$5.7 billion in the first eight months of this year, up 7.3 per cent from $5.3 billion in 2023. Saudi Arabia was the largest importer of Egyptian goods, purchasing US$2.2 billion worth of products. This is followed by the UAE (US$1.8 billion), Brazil (US$488 million), Russia (US$438 million), India (US$343 million) and China (US$290 million). This is reported by Daily News Egypt, a partner of TV BRICS.
The most significant groups of goods exported to these countries include pearls, gems and jewellery worth US$979 million, vegetables and fruits worth US$967 million, electrical appliances and equipment worth US$415 million, fuels and mineral oils worth US$358 million, and iron and steel worth US$254 million.
On the other hand, the volume of goods imported to Egypt from BRICS countries in the first eight months of 2024 totalled US$24.5 billion, up 17 per cent from US$20.9 billion in 2023. In this segment, China ranked first with imports worth US$9.8 billion, followed by Saudi Arabia (US$4.3 billion), Russia (US$4.1 billion), Brazil (US$2.5 billion), India (US$2 billion) and the UAE (US$1.8 billion).
The most important imported product groups include electrical and mechanical equipment at US$4.2 billion, fuels and mineral oils at US$3.4 billion, grains at US$2.6 billion, and iron and steel at US$2.2 billion.
According to CAPMAS, BRICS investments in Egypt for fiscal year 2022/2023 totalled US$4.4 billion, compared to US$19.5 billion in the previous year. Saudi Arabia was the top investor with US$1.8 billion, followed by the UAE (US$1.5 billion), China (US$750 million), India (US$154.4 million) and Russia (US$125.9 million).
According to the agency, Egyptian investments in BRICS countries totalled US$17.3 billion, down from US$22 billion last year. Saudi Arabia was also the top recipient of Egyptian investments with US$7.8 billion, followed by the UAE ($5.2 billion), China (US$2.5 billion), Russia (US$789.5 million) and India (US$488.4 million).
Photo: iStock
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