Cairo: Economic ties between Egypt and France gained momentum in 2024, as trade between the two nations expanded to $2.9 billion-up from $2.5 billion in 2023: CAPMAS.

According to State Information Service Egypt, Egyptian exports to France posted growth, climbing to $1 billion in 2024 from $855.4 million the previous year. This growth was fueled by demand across several industries. Leading the way were exports of electrical machinery and equipment, which generated $248 million. Fertilizers followed with $194 million in exports, while fuel and mineral oils contributed $158 million. Agricultural products also had a presence, with fruits and vegetables bringing in $75 million and ready-made garments accounting for $73 million.

On the import side, Egypt imported $1.8 billion worth of goods from France in 2024, slightly higher than the $1.7 billion recorded in 2023. Pharmaceuticals topped the list of imports at $302 million, followed by cereals at $183 million. Imports of vehicles, tractors, and motorcycles reached $115 million, while iron products and other chemical goods brought in $100 million and $99 million respectively.

Despite the trade performance, bilateral investment showed signs of contraction. French investments in Egypt fell to $483.8 million in the 2023/2024 fiscal year, down from $591.3 million a year earlier. Egyptian investments in France also declined, totaling $238.3 million in 2023/2024 compared to $284.2 million in 2022/2023. Still, the consistent rise in trade highlights the growing strength of the economic partnership between the two countries, even as investment flows experienced a temporary slowdown.