23.2% YoY growth in Egypt-Cyprus trade exchange for 2022

09:03 - 11 April 2023

Economy Reporter

Trade exchange between Egypt and Cyprus grew by 23.2% to $85 million in 2022 from $69 million in 2021, according to recent data from Egypt’s official statistical agency.

More specifically, the Central Agency for Public Mobilisation and Statistics (CAPMAS), announced that Egyptian exports to Cyprus had been worth $76 million in 2022, climbing by 68.8% year on year (YoY) from $45 million.

However, the value of Egypt’s imports from Cyprus dropped by 62.5% in 2022 to $9 million, compared to $24 million in 2021, CAPMAS said.

Cypriot investments in Egypt amounted to $67.5 million in the 2021/2022 fiscal year (FY), 28% down from $93.8 million in FY 2020/2021.

Remittances of Egyptians living in Cyprus, meanwhile, fell by 15% in FY 2020/2021 to $14.2 billion from $16.7 billion in FY 2019/2020, the same data revealed.

The remittances of Cypriots residing in Egypt, however, increased by 6.5% YoY to $2 million in FY 2020/2021 from $1.8 million, CAPMAS said.

23.2% YoY growth in Egypt-Cyprus trade exchange for 2022

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