Fatshimetrie, the prestigious economic news magazine in Africa, recently published a report highlighting the growth of trade between Egypt and the African Union countries in 2023. These impressive figures reflect promising economic dynamics and the contrasting performances of this commercial partnership.
Data provided by the Central Agency for Public Mobilization and Statistics (CAPMAS) reveal a significant increase in trade, reaching US$9.2 billion in 2023, compared to US$8.7 billion in 2022, an increase of 5.7%. This growth reflects Egypt’s growing commitment to its African partners and its desire to strengthen its economic ties with the continent.
Among the highlights of this report, we note a spectacular increase in Egyptian exports to the African Union countries, which jumped by 15.6% in one year to reach US$7.4 billion. Egypt’s main trading partners in the region are Libya, Sudan, Algeria, Morocco and Kenya, with whom fruitful trade has been established.
Egypt’s most exported products include cement, gypsum and calcium phosphate, generating $701 million, or 9.5% of total exports. These figures demonstrate the diversification of Egypt’s export sectors and its ability to meet the varied needs of its trading partners in Africa.
On the other hand, Egyptian imports from the Union have seen a slight decrease of 21.7%, from $2.3 billion in 2022 to $1.8 billion in 2023. Despite this decrease, five countries dominate trade, representing 82.6% of total imports, including the Democratic Republic of Congo, Sudan, Kenya, Zambia and South Africa. The main imported products include copper and its derivatives, as well as coffee.
This upward trend in trade between Egypt and the African Union countries is part of a broader context of economic dynamism in Africa. Indeed, trade with the member countries of the Common Market for Eastern and Southern Africa (COMESA) increased by 7.4% in 2023, reaching $5.8 billion. An increase attributable to a significant increase in exports to this bloc.
In addition, trade between Egypt and the Sahel and Sahara countries also recorded a notable growth of 10.2% compared to the previous year, with a total volume of $6.5 billion in 2023. On the other hand, trade with the Nile Basin countries declined slightly, from $3.1 billion in 2022 to $3 billion in 2023.
In a context where Egypt contributed 13.9% to the continent’s GDP in 2023, surpassing Nigeria and South Africa, these data demonstrate its growing economic importance in Africa and its driving role in regional development. Trade between Egypt and the African Union countries is therefore set to strengthen further in the years to come, offering new prospects for partnership and growth for the entire continent.
Thus, the African Union is now positioned as a major player in international trade and as an essential partner for Egypt and its economic ambitions in Africa.