Egypt’s commerce with the Group of Seven (G7) nations skilled substantial development in 2024.
The G7, or Group of Seven, is an intergovernmental physique made up of seven of the world’s largest superior economies: Canada, France, Germany, Italy, Japan, the UK, and america.
Based on new knowledge from the Central Company for Public Mobilization and Statistics (CAPMAS), bilateral commerce reached roughly USD 29.7 billion (EGP 1 trillion), a 14.2 p.c improve from USD 26 billion (EGP 1.31 trillion) in 2023.
This development underscores Egypt’s increasing position within the world market, significantly with the world’s main economies, the G7, which embody america, Germany, France, the UK, Italy, Canada, and Japan.
The figures reveal that Egypt’s exports to G7 international locations rose to round USD 9.5 billion (EGP 478 billion), marking a ten.5 p.c improve from USD 8.6 billion (EGP 433 billion) the earlier 12 months.
Italy emerged as the biggest importer of Egyptian items, accounting for USD 3.4 billion (EGP 171 billion), adopted by america with USD 2.2 billion (EGP 110 billion) and the UK at USD 1.6 billion (EGP 80 billion).
Key exports included mineral fuels, ready-made clothes, electrical equipment, and agricultural merchandise, illustrating the range of Egypt’s export portfolio.
On the import facet, Egypt’s whole imports from G7 nations surged to USD 20.2 billion (EGP 1.18 trillion), up from USD 17.4 billion (EGP 877 billion) in 2023, a notable 16.1 p.c improve.
The US was the main supply of those imports, contributing USD 7.6 billion (EGP 383 billion), adopted by Germany and Italy.
The vary of imports included important items corresponding to mineral fuels, electrical home equipment, and prescription drugs, which displays Egypt’s reliance on G7 international locations for some essential provides.
International direct funding (FDI) from G7 nations additionally confirmed substantial development, reaching USD 9.2 billion (EGP 463 billion) within the 2023/2024 fiscal 12 months, up from USD 8.1 billion (EGP 408 billion) the earlier 12 months.
The US led with USD 3 billion (EGP 151 billion) in investments, adopted intently by the UK and Italy.
The continued financial cooperation signifies a promising future for Egypt’s worldwide commerce relations, significantly with its G7 companions, based on sources.
