The announcement coincides with Egypt’s hosting the 11th D-8 Summit under the theme “Investing in Youth and Supporting Small and Medium Enterprises: Shaping Tomorrow’s Economy.”
The D-8 Group includes Egypt, Turkey, Iran, Indonesia, Pakistan, Bangladesh, Nigeria, and Malaysia.
Turkey ranked first among D-8 countries in imports from Egypt, with Egyptian exports totalling $2.6 billion. It was followed by Nigeria ($119.8 million), Indonesia ($109.5 million), Pakistan ($88.7 million), Malaysia ($77.4 million), Bangladesh ($61.2 million), and Iran ($2.5 million).
Egyptian exports to the D-8 Group amounted to $3.1 billion during this period, a decrease from $3.7 billion in 2023.
The top Egyptian export commodities to the D-8 countries included plastics ($385 million), mineral fuels, oils, and distillation products ($291 million), fertilizers ($268 million), vegetables and fruits ($239 million), and iron and steel ($201 million).
Meanwhile, Egypt’s imports from D-8 countries totalled $4.8 billion in the first 10 months of 2024, up from $4.3 billion in 2023.
Turkey led the list of D-8 countries exporting to Egypt, with imports worth $2.7 billion. It was followed by Indonesia ($1.3 billion), Malaysia ($578.7 million), Nigeria ($111.7 million), Pakistan ($91.7 million), Bangladesh ($41.8 million), and Iran ($3.3 million).
The top import commodities from the D-8 countries to Egypt included tramway and animal/vegetable oils and fats, electrical machinery and equipment ($585 million), iron and steel ($566 million), mineral fuels, oils, and distillation products ($335 million), organic and inorganic chemicals ($227 million), and plastics ($163 million).
Increase in remittances
According to CAPMAS, remittances from Egyptians working in the D-8 countries totalled $71.1 million during the 2022/2023 fiscal year, up slightly from $70 million in 2021/2022, marking a growth of 0.14 percent.
Turkey ranked first among countries receiving the highest remittances from Egyptians, totalling $30.1 million, followed by Nigeria ($18 million), Bangladesh ($8.2 million), Malaysia ($6.6 million), Indonesia ($5.1 million), Pakistan ($3 million), and Iran ($9,000).
Egyptian remittances from the D-8 countries to Egypt amounted to $20.6 million in 2022/2023, slightly down from $21.5 million in 2021/2022. Turkey again ranked first for remittances sent to Egypt, totalling $10.7 million, followed by Indonesia ($3.6 million), Nigeria ($2.7 million), Malaysia ($2.3 million), Pakistan ($1.3 million), and Bangladesh ($174,000).
Notably, the number of Egyptians residing in D-8 countries reached 79,600 by the end of 2023.
Increase in investments
D-8 countries invested $100.8 million in Egypt during the 2022/2023 fiscal year, a significant increase from $47.6 million in the previous year, representing a growth of 111.7 percent.
Conversely, Egyptian investments in D-8 countries totalled $939 million in 2022/2023, a decrease from $1.2 billion in 2021/2022.
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