CAIRO – 10 November 2024: Trade between Egypt and Malaysia has reached $574 million during the first nine months of 2024, according to the latest report from the Central Agency for Public Mobilization and Statistics (CAPMAS).

This marks a robust continuation of economic cooperation between the two nations, with notable developments in trade, investments, and remittances.

The CAPMAS report revealed that Egyptian exports to Malaysia totaled $68 million during the January-September period of 2024.

While this represents a decrease from the $76 million recorded during the same period in 2023, it reflects a continued focus on a range of agricultural products, including vegetables and fruits, which accounted for $30 million of the total.

Additionally, Egypt exported ground natural calcium phosphate, aluminum and aluminum products, and plastics and plastic goods, valued at $17 million, $7 million, and $3 million, respectively.

On the import side, Egypt’s purchases from Malaysia reached $506 million, a decline from $550 million in 2023. The largest portion of these imports was vegetable and animal oils and fats, amounting to $321 million.

Other key imports included electrical and mechanical equipment and parts ($40 million), rubber products ($37 million), organic chemicals ($20 million), and cocoa products ($16 million).

Despite fluctuations in the value of specific export and import categories, the overall trade between the two countries remains substantial.

Egypt and Malaysia’s bilateral trade is underpinned by strong economic ties and a shared interest in fostering deeper commercial relations.

In terms of investment, the report highlighted a significant uptick in Malaysian investments in Egypt. The 2022/2023 fiscal year saw Malaysian investments in Egypt rise to $24 million, up from $5.1 million in 2021/2022.

This growth underscores Malaysia’s increasing interest in the Egyptian market, driven by Egypt’s strategic location, skilled workforce, and opportunities in various sectors, including energy, manufacturing, and infrastructure.

Conversely, Egyptian investments in Malaysia also saw a positive trend, growing from $180.6 million in 2021/2022 to $198.9 million in the following fiscal year.

This increase reflects Egypt’s interest in expanding its footprint in Southeast Asia, with investments particularly focused on trade, technology, and infrastructure.

Remittances from Egyptians working in Malaysia, however, showed a decline. The remittances totaled $6.6 million in the 2022/2023 fiscal year, down from $9.6 million in the previous year.

This reduction may be attributed to a variety of factors, including the global economic slowdown and fluctuations in the labor market.

On the other hand, remittances from Malaysians working in Egypt also slightly decreased, amounting to $2.3 million compared to $2.4 million in the previous year.

Despite these minor declines in specific areas, the overall trajectory of Egypt-Malaysia economic relations remains positive.

With investments continuing to grow and trade figures holding steady, both countries are well-positioned to expand their bilateral cooperation further in the coming years.

As Egypt continues to diversify its economic partnerships and strengthen its trade relations, Malaysia’s role as a key partner in Southeast Asia is expected to grow, providing ample opportunities for both nations to capitalize on their complementary strengths and foster greater mutual prosperity.