The value of Egyptian exports to Brazil increased by 1.3% to record $444 million in 2023, compared to $438 million in 2022, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

On the other hand, the value of Egyptian imports from Brazil reached $3 billion in 2023, compared to $3.7 billion in 2022, a decrease of 20%, CAPMAS'S date revealed.

In 2023, the volume of trade exchange between Egypt and Brazil reached $3.4 billion, compared to $4.2 billion during 2022, a decrease of 18%.

Among the most important commodities that Egypt exported to Brazil during 2023 were fertilizers worth $183 million, iron and steel worth $46 million, vegetable and fruit preparations worth $38 million, vegetables and fruits worth $30 million, and glass and its products worth $21 million.

The most important commodities that Egypt imported from Brazil during the year 2023 were grains worth $726 million, iron ores worth $607 million, sugar worth $568 million, meat worth $392 million.

According to CAPMAS, the value of Brazilian investments in Egypt recorded $829,000 during the fiscal year 2021/2022, compared to $2.4 million during the fiscal year 2020/2021, a decrease of 65.9%.

This data came in line with Brazilian President, Luiz Inácio Lula da Silva, visit to Egypt that marks 100 years of diplomatic relations between both countries.

Egypt is now a member of the BRICS bloc, co-founded by Brazil.Egypt aims to boost investments and trade with states of the bloc and encourage the use of local currency in trade among them amid a foreign currency shortage that the country has been facing over the past two years.