CAIRO – 15 February 2024: Egypt's exports to Brazil saw an increase in 2023, to record value of $444 million. This represents a 1.3 percent rise compared to the previous year when exports amounted to $438 million, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Egyptian imports from Brazil experienced a decline, with a value of $3 billion in 2023 compared to $3.7 billion in 2022, marking a 20 percent decrease as per CAPMAS's findings.
The overall trade exchange between Egypt and Brazil in 2023 amounted to $3.4 billion, indicating an 18 percent decrease from the previous year's figure of $4.2 billion.
Notable Egyptian exports to Brazil during 2023 included fertilizers valued at $183 million, iron and steel worth $46 million, vegetable and fruit preparations totaling $38 million, as well as vegetables and fruits worth $30 million. Additionally, glass and its products accounted for $21 million in exports.
On the other hand, Egypt's imports from Brazil in 2023 comprised grains valued at $726 million, iron ores worth $607 million, sugar amounting to $568 million, and meat worth $392 million.
CAPMAS also reported a decline in Brazilian investments in Egypt during the fiscal year 2021/2022, recording a value of $829,000 compared to $2.4 million in the previous fiscal year, reflecting a decrease of 65.9 percent.
These statistics coincided with the visit of Brazilian President Luiz Inácio Lula da Silva to Egypt, which commemorated 100 years of diplomatic relations between the two countries.
It is worth noting that Egypt is a member of the BRICS bloc, which was co-founded by Brazil.
Egypt's membership aims to enhance investments and trade with other member states, as well as promote the use of local currencies in trade transactions, particularly in light of the foreign currency shortage that the country has been facing over the past two years.
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