Egypt’s exports to Turkey jump 52% in 5 months

CAIRO – 9 July 2017: Egyptian exports to Turkey recorded 52 percent hike from January to May, standing at $837.2 million, compared to $549.4 million in the same period in 2016, Minister of Industry and Foreign Trade Tarek Kabil said Saturday.

The Egyptian Commercial Service Office (ECS) in Istanbul worked to decrease imports from Turkey 26 percent to register $890.1 million, compared to $1.2 billion in the corresponding period last year.

Egypt’s Balance of Payments (BOP) registered a surplus $11 billion in first three quarters of the current fiscal year.

The rise was attributed to a $24.6 billion net inflow in capital and financial account in that period. Falling by 12.4 percent, the current account deficit recorded $13.2 billion, compared to $15 billion in the same period last year.

Slumping 9.4 percent in nine months, the trade deficit fell from $29.8 billion to $27 billion in the first nine months of the current fiscal year, on $2.6 billion export increase and $212.7 million decline in imports.

Export value surged 19.3 percent in that period, recording $16 billion on rising of non-oil exports by 2.1 billion and oil exports by $445.5 million.