Egypt’s trade with Turkey grows despite political rift
Egyptian efforts to attract investors and openness to Turkish investors have helped reduce Cairo's trade deficit with Ankara, despite ongoing tense bilateral political relations.
Egyptian exports to Turkey jumped by 38.5% in 2017 compared to 2016, despite the political clash that has pitted the two countries against each other over the past few years.
According to the latest report released by the Egyptian Commercial Representation Office in Istanbul, Egypt’s exports to Turkey edged up by 38.5% to stand at $1.99 billion in 2017, compared to $1.44 billion a year earlier. Egypt’s imports from Turkey, meanwhile, declined by 13.7% to reach $2.36 billion in 2017, compared to $2.73 billion in 2016, the same report stated. It also highlighted that foreign trade balance increased from 53% in 2016 to 85% in 2017.
In a March 11 statement, the Egyptian Ministry of Trade and Industry said that “Egypt’s trade deficit with Turkey fell 72% to reach $360 million in 2017, thanks to a boost in the exports of chemicals, textiles and plastics.”
“Export growth to the Turkish market last year is due to a boost in Egyptian shipments of chemicals by 89%, textiles and ready-made garments by 23%, and plastics and rubber by 31% — which together make up around 80% of total Egyptian exports to Turkey,” head of the Egyptian Commercial Service Ahmed Antar said, according to the ministry’s statement.
