Trade exchange bet. Egypt, Turkey reaches $5.87B in 2023

CAIRO - 13 February 2024: Trade exchange between Egypt and Turkey (Türkiye) reached approximately $5.875 billion in 2023, according to the Minister of Trade and Industry, Ahmed Samir.

 

Samir noted that the Egyptian commodity exports to Turkey saw a significant increase, reaching $2.934 billion compared to about $2.288 billion during the same period in 2022, reflecting a 28 percent increase.

 

“Turkey has become Egypt's largest recipient of exports in 2023 and one of its key trading partners,” he stated.

 

Samir highlighted that major Egyptian exports to the Turkish market in 2023 included chemical products, fertilizers, building materials, textiles, electronic and engineering goods, and ready-made garments, as well as agricultural products.

 

He explained that commodity imports from Turkey witnessed a tangible decrease in 2023, amounting to $2.941 billion compared to about $3.573 billion during the same period in 2022, representing a decrease of 17.68 percent. 

 

These positive indicators contributed to reducing the trade deficit between the two countries to $7 million in 2023 compared to approximately $1.285 billion in 2022, he noted.

 

The minister emphasized the strong bilateral relations between Egypt and Turkey, built on achieving common economic interests for both nations and their peoples. 

 

He affirmed the government's commitment to attract more Turkish investments to operate in the Egyptian market, leveraging advanced Turkish industrial expertise and seizing the exceptional investment opportunities available in Egypt.

 

Samir noted that Turkish investments in Egypt exceeded $2.5 billion by the end of last April, with a focus on the industrial sector, particularly in textiles, ready-made garments, chemicals, glass products, and recycling. 

 

Additionally, significant investments were made in tourism and industrial developers. 

 

He highlighted a recent surge in Turkish investors showing interest in injecting new investments into the Egyptian market, especially amid the flourishing bilateral relations and frequent official visits between the two countries.

 

The minister pointed out that Turkish investments are among the most significant foreign investments in the Egyptian market, with Turkish companies being major contributors to Egyptian exports, whether to Turkey, the European Union, or the United States. 

 

He also noted that Turkish industrial investments in the Egyptian market mainly concentrate in textiles, ready-made garments, chemicals, glass industries, and household appliances, providing over 50,000 job opportunities, alongside other sectors, including tourism and infrastructure.

 

Samir added that Turkish investments are geographically spread across Egypt, extending to medium and small-scale projects. Turkish companies are also involved in various sectors, contributing to the transfer of technology, industrial knowledge, and marketing to Egypt, showcasing the diversification of investments across different sectors.