Egypt-BRICS trade grows to $50.8bn in 2024, up 19.5%: CAPMAS

Daily News Egypt

7 days ago

Trade between Egypt and BRICS countries rose to $50.8bn in 2024, up from $42.5bn in 2023—an increase of 19.5%, according to a statement issued on Sunday by Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS). The announcement coincided with the 17th BRICS Summit, held in Rio de Janeiro under the theme 'Enhancing Global South Cooperation for More Inclusive and Sustainable Governance.'
BRICS was originally founded in 2006 by Brazil, Russia, India, China, and South Africa to strengthen economic cooperation among emerging economies and support a more balanced global economic system. Egypt formally joined the group in January 2024, along with Saudi Arabia, the United Arab Emirates, Iran, and Ethiopia, while Indonesia became a full member in January 2025.
Egyptian exports to BRICS countries grew by 10.6% in 2024, reaching $9.4bn compared to $8.5bn the year before. Saudi Arabia was the top importer of Egyptian goods among BRICS nations, with $3.4bn in imports, followed closely by the UAE at $3.3bn. Brazil imported $854.4m worth of Egyptian goods, Russia $606.8m, India $517.4m, and China $393.6m. Indonesia, South Africa, Ethiopia, and Iran followed with imports valued at $151.3m, $114m, $113m, and $2.4m respectively.
Egypt's leading exports to BRICS countries in 2024 included pearls, precious stones, and jewellery, which brought in $2.1bn. This was followed by fruits and vegetables at $1.4bn, electrical machinery and appliances at $627m, fuel and mineral oils at $520m, and iron, steel, and related products at $450m.
Meanwhile, Egyptian imports from BRICS nations increased significantly, reaching $41.4bn in 2024, up from $34bn in 2023—a rise of 21.8%. China topped the list as Egypt's largest exporter within the group, with goods valued at $15.5bn, followed by Saudi Arabia at $7.9bn and Russia at $6bn. Brazil exported $4.2bn worth of goods to Egypt, India $3.3bn, and the UAE $2.7bn. Indonesia's exports stood at $1.6bn, while South Africa, Ethiopia, and Iran accounted for $154.3m, $22.7m, and $4.9m respectively.
The most prominent imports from BRICS countries included electrical machinery and appliances, totalling $6.6bn, and fuel, mineral oils, and distillation products at $6.5bn. Grains followed at $4.3bn, alongside iron and steel products at $3.3bn, plastics at $2.9bn, organic chemicals at $1.8bn, and vehicles and tractors at $1.4bn.
In terms of investment, BRICS countries collectively injected $40.6bn into Egypt during fiscal year 2023/2024. The UAE led all BRICS nations with $38.9bn in investments, while Saudi Arabia ranked second with $775.5m. China followed with $629.5m, then South Africa with $124.6m, Russia with $91.5m, and India with $26m. Egyptian investments in BRICS countries reached $1.7bn during the same period.
CAPMAS also reported that remittances from Egyptians working in BRICS countries stood at $9.8bn during FY 2023/2024, a slight decline from $10.4bn in the previous year. Saudi Arabia remained the largest source of remittance income, contributing $8bn, followed by the UAE at $1.8bn. Remittances from China amounted to $19.5m, from India $7.9m, South Africa $5.8m, and Indonesia $5.1m. Brazil contributed $2.9m, Russia $1.9m, Ethiopia $783,000, and Iran $19,000.
Conversely, remittances sent by BRICS nationals working in Egypt dropped to $76.2m during FY 2023/2024, down from $98.5m the previous year. The UAE was the largest recipient with $31.6m, followed by India with $19.6m and Saudi Arabia with $11.6m. Other figures included $6.1m for South Africa, $3.6m for Indonesia, $3.1m for China, $605,000 for Brazil, $97,000 for Ethiopia, and $71,000 for Russia.