Egypt's Remittances from BRICS Nations Reach $9.8 Billion in 2023/24
According to the latest data from Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS), remittances from Egyptians working in BRICS countries totaled a staggering $9.8 billion in the 2023/24 fiscal year, a slight decrease from the previous year's total of $10.4 billion.
Saudi Arabia Tops the List
Leading the pack of BRICS countries, Saudi Arabia remained the top source of remittances, contributing a remarkable $8 billion to Egypt's economy. The Kingdom has consistently been the primary destination for Egyptian expatriates, with the largest Egyptian community residing and working in the Gulf.
Following Saudi Arabia, the UAE ranked second with $1.8 billion in remittances, while China contributed $19.5 million, India $7.9 million, South Africa $5.8 million, Indonesia $5.1 million, Brazil $2.9 million, Russia $1.9 million, Ethiopia $783,000, and Iran $19,000.
Egyptian Remittances from BRICS Countries: A Growing Trend
Remittances from workers in BRICS countries remain a crucial financial lifeline for Egypt, and while there was a slight dip from the previous year, the numbers still highlight the growing importance of these nations as key economic partners for Egypt.
Moreover, the remittance flow to Egypt from BRICS nations was balanced by a modest but important contribution from BRICS countries in Egypt. The total remittances from BRICS countries working in Egypt during the FY2023/24 amounted to $76.2 million, down from $98.5 million in 2022/2023.
UAE Leads in BRICS Remittances working in Egypt
The UAE came out on top in terms of remittances flowing to BRICS nations from Egypt, contributing $31.6 million. Close behind, India accounted for $19.6 million, while Saudi Arabia followed with $11.6 million. Other contributors included South Africa ($6.1 million), Indonesia ($3.6 million), China ($3.1 million), Brazil ($605,000), Ethiopia ($97,000), and Russia ($71,000).
Egypt's Growing Diaspora in BRICS Countries
The report further revealed that the number of Egyptians residing in BRICS countries stood at approximately 2.2 million by the end of 2023, with significant populations in Saudi Arabia, the UAE, and other BRICS members. This growing diaspora continues to play a pivotal role in the transfer of remittances, which in turn bolsters Egypt's economic stability and development.
As Egypt strengthens its ties with BRICS countries, these figures underscore the importance of maintaining robust economic and diplomatic relations with these key partners, particularly as remittances from Egyptians abroad continue to serve as a cornerstone of the national economy.
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