The bilateral trade volume between Egypt and Greece contracted to $1.6bn in 2024, reflecting a notable decline from $2bn the previous year, as confirmed by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) on Wednesday May 7.
The announcement, which aligned with President Abdel Fattah Al-Sisi’s state visit to Athens, underscored a broader recalibration in commercial ties, with Egyptian exports falling to $1.1bn and imports from Greece easing to $564m. Despite the contraction, core exports—particularly fuel, mineral oils, and distillation products—remained dominant, accounting for $645m of Egypt’s outbound trade, followed by fertilizers, fruits, plastics, and steel.
On the import ledger, Greece maintained its foothold as a supplier of fuel and mineral oils, cotton, and agricultural goods, though volumes slipped across categories. Notably, Egypt’s purchases of cotton stood at $132m, while fruit and tobacco imports reached $54m and $15m, respectively. The cooling in merchandise flows, industry analysts suggest, may reflect external pressures ranging from fluctuating global commodity prices to geopolitical uncertainties affecting shipping routes and supply chains in the Eastern Mediterranean corridor.
Nevertheless, the bilateral economic relationship demonstrated vitality in less conspicuous arenas. Remittance inflows from Egyptians working in Greece edged up to $15m, a modest increase indicative of continued labour mobility. Greek nationals in Egypt also saw a rise in remittances, climbing to $3.4m. Investment figures painted a more optimistic picture: Greek investments in Egypt more than doubled to $13.9m, while Egyptian investments in Greece advanced to $1m. These gains suggest a strengthening foundation for long-term cooperation, even as trade volumes ebb in the face of macroeconomic crosswinds.