Egypt-Cyprus trade exchange grows 23.2% YoY in 2022

Newspaper Title: https://www.zawya.com/

Newspaper Number:

Sunday - 9 April 2023

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 the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egyptian exports to Cyprus were worth $76 million in 2022, climbing by 68.8% year on year (YoY) from $45 million.

On the other hand, the value of Egypt’s imports from Cyprus dropped by 62.5% last year to $9 million, versus $24 million in 2021.

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

Remittances of Egyptians living in Cyprus fell by 15% in FY 2020/2021 to $14.2 billion from $16.7 billion in FY 2019/2020.

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