Egypt’s trade exchange with the BRICS countries (Brazil, Russia, India, China, and South Africa) has witnessed a steady increase in the first eight months of 2024. According to data from the Central Agency for Public Mobilization and Statistics (CAPMAS), the total trade value between Egypt and the BRICS nations reached $30.2 billion during this period, a 15% year-over-year (YoY) rise compared to the same period in 2023.
Accordingly, Egyptian exports to the BRICS countries grew by 7.3% YoY to $5.7 billion. Imports from the BRICS nations surged by 17% YoY to $24.5 billion. Remittances from Egyptians living in BRICS countries declined to $10.4 billion in FY 2022/2023. BRICS investments in Egypt decreased to $4.4 billion, while Egyptian investments in the BRICS countries also fell to $17.3 billion.
The data indicates a growing economic relationship between Egypt and the BRICS countries. Increased trade and investment can contribute to economic growth, job creation, and technological advancement in both regions.
