Cyprus-Egypt’s volume of trade exchange hits record $217m in 2024

10:04 - 09 January 2025

Economy

Trade between Egypt and Cyprus reached a total of $217m during the first 11 months of 2024, more than doubling the $108m recorded during the same period in 2023, according to data from the Egyptian Central Agency for Public Mobilization and Statistics.

On the export side, Egypt’s purchases from Cyprus tripled to $36m in the first 11 months of 2024, from 12m in 2023. The most significant exported goods were fuel and mineral oils worth $28m, electrical equipment and devices at $4m, and pharmaceutical products at $1m.

Cyprus’ imports from Egypt almost doubled to $181m during the same timeframe, from $96m during the same period in 2023. Major import categories included iron and steel, which accounted for $92m, fertilisers at $43m, paper at $8m, and plastics at $6m.

Investments between the two countries also experienced a significant boost. Cypriot investments in Egypt soared to $114.6m during the 2023/2024 fiscal year, compared to $35.2m in 2022/2023. Similarly, Egyptian investments in Cyprus grew to $40m, up from $17.3m in the previous fiscal year.

“The figures highlight the strengthening economic relationship between Egypt and Cyprus, with both nations benefiting from expanding trade and investment activities across multiple sectors,” the agency said.

(Source: egypttoday.com)

Cyprus-Egypt’s volume of trade exchange hits record $217m in 2024

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