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Egypt-Türkiye trade exchange drops by 15.7% in 2023: CAPMAS – Dailynewsegypt

The Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the trade exchange between Egypt and Türkiye was $6.6bn in 2023, down from $7.8bn in 2022, a decline of 15.7%.

The agency stated the economic relations between Egypt and Turkey, on the occasion of President Abdel Fattah Al-Sisi’s meeting with Turkish President Recep Tayyip Erdogan today. The statement said that the Egyptian exports to Türkiye were $3.8bn in 2023, down from $4bn in 2022, a decline of 4.8%, while the Egyptian imports from Turkey were $2.8bn, down from $3.8bn, a decline of 27%. The meeting was part of strengthening the bilateral relations and activating the high-level cooperation mechanisms.

The statement said that the main commodity groups that Egypt exported to Türkiye in 2023 were fuel, mineral oils, and their distillation products ($831.6m), plastics and their products ($373.7m), fertilizers ($357.4m), iron and steel ($363.5m), ready-made clothing ($243m), and machinery and electrical appliances ($188m).

The statement also said that the main commodity groups that Egypt imported from Türkiye in 2023 were iron and steel ($551.2m), machinery and electrical appliances ($640m), fuel, mineral oils and their distillation products ($169.4m), inorganic chemical products ($153.5m), plastics and their products ($133.5m), and paper and paper pulp products ($100.3m).

The statement indicated that the value of Turkish investments in Egypt was $167.2m in fiscal year 2022/2023, down from $179.9m in fiscal year 2021/2022, a decline of 7.1%.

The statement added that the remittances from Egyptians working in Türkiye were $29.1m in the fiscal year 2021/2022, up from $21.5m in the fiscal year 2020/2021, an increase of 35.2%, while the remittances from Turks working in Egypt were $10.3m, up from $9.1m, an increase of 13.6%.