The volume of trade between Egypt and the Group of Seven (G7) nations reached $29.7bn in 2024, up from $26bn in 2023, marking a 14.2% year-on-year increase, according to new data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The G7, which comprises the United States, Germany, France, the United Kingdom, Italy, Canada, and Japan, represents the world’s seven most advanced economies.
In a statement issued on the occasion of the G7 Summit currently being held in Alberta, Canada, CAPMAS noted that Egypt’s exports to the group rose by 10.5% in 2024 to $9.5bn, compared to $8.6bn the previous year. Italy was the largest importer of Egyptian goods among the G7 countries, with imports totalling $3.4bn, followed by the United States with $2.2bn, the United Kingdom with $1.6bn, France with $1bn, Germany with $989m, Canada with $197m, and Japan with $67m.
CAPMAS highlighted that Egypt’s top export categories to the G7 included fuel and mineral oils, which generated $1.9bn in revenues, followed by ready-made garments at $1.6bn, electrical appliances and devices at $862m, fruits and vegetables at $834m, fertilizers at $569m, aluminium at $523m, and plastic products at $521m.
On the import side, Egypt received $20.2bn worth of goods from G7 nations in 2024, compared to $17.4bn in 2023, representing a 16.1% increase. The United States was Egypt’s leading G7 trade partner in terms of exports to Egypt, recording $7.6bn, followed by Germany with $4.4bn, Italy with $3.2bn, the United Kingdom with $2bn, France with $1.8bn, Japan with $819m, and Canada with $369m.
The main imports from G7 countries included fuel and mineral oils valued at $4.2bn, electrical appliances and devices at $3.5bn, vehicles, tractors and motorcycles at $1.8bn, pharmaceutical products at $1.5bn, iron and steel and related products at $1.4bn, and oilseeds, oily fruits and medicinal plants at $1.1bn.
In terms of foreign investment, CAPMAS reported that G7 countries invested $9.2bn in Egypt during the 2023/2024 fiscal year, compared to $8.1bn the year before, marking a 13.6% increase. The United States ranked first among G7 investors in Egypt with $3bn, followed by the United Kingdom with $2.9bn, Italy with $2.1bn, France with $483.8m, Germany with $421.6m, Canada with $122.5m, and Japan with $73.2m.
Conversely, Egyptian investments in G7 countries declined to $6.3bn in 2023/2024 from $7.3bn in the previous fiscal year. Italy received the largest share of Egyptian investments at $2.9bn, followed by the United States at $1.5bn, the United Kingdom at $1.4bn, France at $238.3m, Germany at $195.3m, Canada at $85.3m, and Japan at $13.5m.
The data also showed that remittances from Egyptians working in G7 countries rose to $3.2bn in 2023/2024, up from $2.6bn in the previous year, an increase of 23.1%. The United States accounted for the majority of these inflows with $2.1bn, followed by the United Kingdom with $646.3m, Germany with $144.8m, Canada with $108.4m, Italy with $100.2m, France with $71.1m, and Japan with $5.6m.
Meanwhile, remittances from G7 nationals working in Egypt amounted to $133.4m, up from $128.6m in the previous year, a 3.7% increase. The United Kingdom led with $59.5m, followed by the United States with $36.4m, France with $14.1m, Canada with $9.5m, Germany with $8.1m, Italy with $4.6m, and Japan with $1.3m.
