Egypt's exports to Turkey rose by 32.3% in 2022; bilateral trade 14% up: CAPMAS

Newspaper Title: https://english.ahram.org.eg/

Newspaper Number:

Saturday - 18 March 2023

Egypt's exports to Turkey grew by 32.3 percent recording $4 billion in 2022 compared to $3 billion in 2021, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed Saturday 18/03/2023.

However, Egypt's imports from Turkey plunged 0.7 per cent to $3.72 billion from $3.74 billion, according to a CAPMAS statement.

Meanwhile, bilateral trade volume increased by 14 per cent, hitting $7.7 billion in 2022, compared to $6.7 billion a year earlier.

Fuels, mineral oils, distilled products, plastics, non-organic chemicals, fertilizers, clothes, and electric appliances were the main exports in 2022, the agency said.

In addition, Turkish investments in Egypt grew by 30.3 percent during the FY2021/2022, amounting to $179.9 million, against $138.1 million during the previous fiscal year.

Moreover, remittances sent by Egyptian expats in Turkey went up 32.3 per cent during FY2020/2021, recording $21.5 million, against $16.3 million for FY2019/2020, CAPMAS noted.

Earlier Saturday, Turkish Foreign Minister Mevlut Cavusoglu arrived in the Egyptian capital earlier in the day for a new round of discussions aimed at normalising relations between the two countries, marking the first high-level visit in over a decade.

During a press conference in Cairo, both Cavusoglu and his Egyptian counterpart FM Sameh Shoukry stated the importance to push forward the economic relations between the countries.

According to Shoukry, despite past strains in official relations, economic ties between Egypt and Turkey remain important.

"Egypt has always been keen to maintain economic relations with Turkey," Shoukry stated, noting that in recent years, economic cooperation between the two countries had grown.