World Economy

Egypt’s Exports to Turkey Surge

Egypt’s Exports to Turkey SurgeEgypt’s Exports to Turkey Surge

Egypt’s exports to Turkey increased 38.5% in 2017, recording $1.998 billion, compared to $1.443 billion in 2016, Minister of Industry and Foreign Trade Tarek Kabil said on Sunday, Amwal Al Ghad reported. Kabil added that the imports decreased 13.7%, to $2.36 billion, compared to $2.733 billion in 2016. This came with a recent report from the Egyptian Commercial Office in Istanbul on the movement of trade exchange between Egypt and Turkey during 2017. The minister added that the trade deficit between the two countries declined to $360 million with a 72% decrease, compared to 2016. Moreover, he noted that the coverage rate of the Egyptian exports to imports rose from 53% in 2016 to 85% in 2017, referring that Turkey is the second largest importer from Egypt after the United Arab Emirates. First Deputy Minister of Trade Ahmed Antar attributed the increase of Egyptian exports to the Turkish market to the rise of exports in three industrial sectors that represent 80% of Egypt’s total exports, which are chemicals at 89%, clothing and textiles at 23% and plastics at 31%.

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