Trade exchange between Egypt, BRICS states rise by 21% in 2022

CAIRO - 28 August 2023: A recent study published by the Egyptian Observatory of the Egyptian Center for Thought and Studies shed light on the fifteenth summit of the BRICS countries, which was held a few days ago in Johannesburg, South Africa.

 

The study prepared by the researcher Asmaa Refaat showed that Egypt reaps a number of benefits from Egypt's accession to the BRICS bloc.

 

On the one hand, it is noted that the rates of trade exchange between Egypt and the countries of the "BRICS" group have increased, which recorded more than 31 billion dollars, an estimated 21 percent of the value of Egypt's foreign trade during the year 2022.

 

China acquired the largest share among the countries of the group in the volume of trade exchange with Egypt registered about $16.2 billion, followed by India with a value of $6 billion, then Russia with a value of $4.7 billion, then Brazil with a value of one billion dollars, and finally South Africa with a value of $300 million in 2022, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).

 

These indicators reflect the possibilities of supporting and enhancing trade exchange between Egypt and the countries of the group, especially after expanding membership to include eleven countries.

 

There are increasing opportunities to support the competitiveness of Egyptian exports in light of the decline in the value of the local currency, provided that it is diversified and of high quality, and is keen to export basic products and commodities.

 

Despite the multiplicity of benefits and opportunities expected from Egypt's joining the group, it should be emphasized that Egyptian relations should remain balanced with various countries of the world, especially its trade partners from Europe and the United States of America, with the importance of the country continuing to settle its foreign debts.