The trade exchange between Egypt and Türkiye posted a 19 percent decline during the first half of 2024 to $3 billion from $3.7 billion in H1 of 2023. Recent data from the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that Egypt’s exports to Türkiye declined 35 percent year-on-year to $1.5 billion, compared to $2.3 billion in H1 of 2023. Meanwhile, Egypt’s imports from Türkiye rose marginally from $1.4 billion in H1 of 2023 to $1.5 billion during the first half of this year.
Egypt’s most notable exports to Türkiye include plastics and their products at $235 million, fertilizers worth $177 million, and iron and steel and their products worth $143 million.
Meanwhile, Egypt’s primary imports from Türkiye included machines and electronics worth $275 million, and iron and steel and their products worth $278 million. In addition, imports of fuel, mineral oils and distillation products reached $117 million, while imports of plastics and their products reached $74 million.
Egypt’s investments in Türkiye grow
CAPMAS also revealed that the value of Turkish investments in Egypt reached $77.8 million during the first half of fiscal year 2023-2024, compared to $103.2 million during the first half of the previous year. Meanwhile, Egyptian investments in Türkiye amounted to $33.2 million during the first half of fiscal year 2023-2024, compared to $28.4 million during the same period last year.
Remittances rise
Egyptian workers’ remittances from Türkiye amounted to $30.1 million during the fiscal year 2022-2023, compared to $29.1 million during the fiscal year 2021-2022, while the value of remittances of Turks working in Egypt amounted to $10.7 million during the fiscal year 2022-2023, compared to $10.3 million during the fiscal year 2021-2022.
Read: UAE, Jordan sign $2.3 billion investment agreement to boost railway sector
Stronger Egypt-Türkiye ties
Türkiye and Egypt aim to increase their bilateral trade volume by 50 percent, from $10 billion to $15 billion. This goal will be a key focus during the Türkiye-Egypt High Level Strategic Cooperation Council meeting, as Turkish President Recep Tayyip Erdogan will host his Egyptian counterpart Abdel Fattah el-Sisi in Ankara.
Discussions between the two leaders will include strengthening economic ties, as well as regional political tensions. The meeting is expected to result in the signing of around 20 agreements in various fields, including defense, energy, tourism, health, education, and culture.
For more logistics news, click here.
