The value of trade between Egypt and Turkey increased during January to reach $419.4 million compared to $412.966 million, year-on-year, with a slight growth of 1.6%.
Egypt’s trade deficit with Turkey worth $116 million
The trade movement between the two countries had witnessed a decline of 12.3% during the year 2020 to record $4.675 billion compared to $5.333 billion during 2019, due to the impact of the pandemic.
The foreign trade report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) stated that the trade balance between the two countries goes in favor of Turkey with a value of $116.572 million during January, adding that Turkey accumulates 5.1% of Egypt’s total foreign trade during this month.
Egypt’s exports to Turkey grows 5.6%
The value of Egypt’s exports to Turkey increased in January to record $151.414 million, compared to $143.344 million, year-on-year, with a growth of 5.6%, receiving 6.1% of the total value of Egyptian exports.
Last year, the value of Egyptian exports to the Turkish market dropped by 4.9% to $ 1.662 billion compared to $ 1.749 billion a year earlier.
The report pointed out that the most important Egyptian exports to the Turkish market during January 2021 were plastics and their products with a value of $ 30.304 million, recording a growth of 21.7%, followed by machinery and electrical appliances with a value of $18.698 million, with a growth of 48.2%.
The growth of Egypt’s exports of chemical products to the Turkish market
Egypt’s exports of organic chemical products to Turkey increased to record $12.083 million in January, compared to $6.828 million, with a growth of 77%, and inorganic chemical products at about $8.368 million, recording a growth of 17.8%.
Egyptian fertilizer exports to Turkey retreated in January 2021 to $14.613 million compared to $29.13 million, down 48.2%.
The value of Egyptian imports from Turkey records 4.7% of the total imports
The value of Egyptian imports from Turkey records 4.7% of the total imports at about $267.986 million in 2021 compared to $269.622 million, year-on-year, a decrease of 0.6%.
Egyptian imports from Turkey also recorded a decline in 2020 by 11.3% to record $3.179 billion compared to $3.584 billion, year-on-year.
Trade between Egypt and Turkey increased extensively since the signing of the Free Trade Agreement
Egypt and Turkey signed the Free Trade Agreement in 2005 during the tenure of the former Minister of Trade, Engineer Rashid Mohamed Rashid, and it entered into force in 2007.
The Egyptian-Turkish bilateral trade relations witnessed a remarkable development after the implementation of the agreement, where the value of trade exchange increased from $753 million in 2006 to $4.675 billion in 2020, recording $54.1 billion in trade value between 2007 and 2020.
The trade balance is highly tilted in favor of Turkish exports within the Egyptian market at the expense of the value of Egyptian exports to the Turkish market, as the value of the trade balance deficit since the entry into force of the agreement until 2020 amounted to about $16.2 billion.
The value of Egyptian exports to Turkey since the agreement reached about $19.011 billion, while the volume of its imports from Turkey reached about $35.2 billion during the same period.
Yesterday, press reports said that a Turkish delegation will head to Cairo next week for the first visit since 2013.
Turkish Trade Minister Mohamed Moss said yesterday that his country seeks to improve its economic relations with Egypt in light of its efforts to repair diplomatic relations between the regional powers.