Egypt Daily News – The BRICS group, which includes Brazil, Russia, India, China, South Africa, and recently added Egypt, Saudi Arabia, the UAE, Iran, and Ethiopia, has showcased significant economic relations with Egypt in 2024.
Trade Exchange:
- Total Trade Volume:
- In the first eight months of 2024, trade between Egypt and BRICS countries reached $30.2 billion, a 15% increase from $26.2 billion during the same period in 2023.
- Egyptian Exports:
- Exports to BRICS countries amounted to $5.7 billion in 2024, up 7.3% from $5.3 billion in 2023.
- Leading Importers:
- Saudi Arabia: $2.2 billion
- UAE: $1.8 billion
- Brazil: $488 million
- Russia: $438 million
- India: $343 million
- China: $290 million
- Commodity Groups Exported:
- Pearls, gemstones, and jewelry: $979 million
- Vegetables and fruits: $967 million
- Machines and electrical devices: $415 million
- Fuels and mineral oils: $358 million
- Steel and iron: $254 million
- Egyptian Imports:
- Imports from BRICS countries totalled $24.5 billion, a 17% increase from $20.9 billion in 2023.
- Leading Exporters:
- China: $9.8 billion
- Saudi Arabia: $4.3 billion
- Russia: $4.1 billion
- Brazil: $2.5 billion
- India: $2 billion
- UAE: $1.8 billion
- Commodity Groups Imported:
- Electrical and mechanical machines and devices: $4.2 billion
- Fuels and mineral oils: $3.4 billion
- Grains: $2.6 billion
- Iron and steel: $2.2 billion
- Plastics: $1.8 billion
Investments:
- BRICS Investments in Egypt:
- Hit $4.4 billion in FY 2022/2023, down from $19.5 billion in FY 2021/2022.
- Top Investors:
- Saudi Arabia: $1.8 billion
- UAE: $1.5 billion
- China: $750 million
- India: $154.4 million
- Russia: $125.9 million
- Egyptian Investments in BRICS Countries:
- Totalled $17.3 billion, decreased from $22 billion in FY 2021/2022.
- Top Destinations:
- Saudi Arabia: $7.8 billion
- UAE: $5.2 billion
- China: $2.5 billion
- Russia: $789.5 million
- India: $488.4 million
Remittances:
- Egyptians Abroad:
- Remittances from Egyptians in BRICS nations reached $10.4 billion in FY 2022/2023, down from $14.5 billion in FY 2021/2022.
- Top Sources:
- Saudi Arabia: $8.3 billion
- UAE: $2.1 billion
- China: $19.5 million
- Russia: $15 million
- India: $7.5 million
- Remittances to Egypt from BRICS:
- Totalled $95 million in FY 2022/2023, slightly down from $103 million in FY 2021/2022.
- Top Contributors:
- UAE: $35.5 million
- Saudi Arabia: $26.1 million
- India: $23 million
- South Africa: $6.1 million
- China: $3.5 million
- Population of Egyptians in BRICS:
- Estimated at 2.2 million by the end of 2023.
This data indicates robust and growing economic ties between Egypt and the BRICS countries, especially highlighted by increased trade volume, significant investment flows, and remittance patterns.
