The Central Agency for Public Mobilization and Statistics (CAPMAS) has reported an 11% increase in the value of Egyptian exports to Germany in the first half of 2024, reaching $463 million, up from $417 million in the corresponding period of 2023. Concurrently, Egyptian imports from Germany saw a 5.3% rise, totaling $2 billion compared to $1.9 billion in the first half of 2023. This resulted in a 4.2% growth in the total trade exchange between the two nations, amounting to $2.5 billion.
Key exports from Egypt to Germany included vegetables and fruits ($93 million), electrical and mechanical machinery and equipment ($68 million), ready-made clothes ($65 million), fuel and mineral oils ($50 million), and grains and oil fruits ($25 million). On the import front, Egypt's major acquisitions from Germany comprised electrical and mechanical equipment and their parts ($628 million), cars and tractors ($464 million), pharmaceutical products ($206 million), plastics and their products ($111 million), and various chemical products ($61 million).
During the first half of the fiscal year 2023/2024, German investments in Egypt were valued at $196.4 million, a slight decrease from $199.6 million in the previous year. Egyptian investments in Germany were reported at $97.9 million, down from $131.4 million. Remittances from Egyptians working in Germany were $129.8 million in fiscal year 2022/2023, a decrease from $203.3 million in the prior fiscal year, whereas remittances from Germans in Egypt increased to $15.2 million from $9.7 million.
Source: EgyptToday