Egypt-Turkey trade exchange reaches $7.7bn in 2022: CAPMAS

Daily News Egypt
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The trade exchange between Egypt and Turkey increased by 14% in 2022, reaching $7.7bn, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The agency issued a statement on the occasion of the visit of Hakan Fidan, the Turkish Foreign Minister, to Egypt on 14-15 October 2023, to enhance bilateral relations and cooperation.

CAPMAS said that Egyptian exports to Turkey rose by 33.3% in 2022, reaching $4bn, while Egyptian imports from Turkey decreased by 0.6%, amounting to $3.72bn. The main export items were fuel, mineral oils and distillation products ($1.6bn), fabrics and strings of industrial woven ($291m), inorganic chemical products ($259m), fertilizers ($194m), and electric machines and devices ($170m). The main import items were iron and steel ($793m), machines, electrical appliances and mechanism ($529m), fuel, mineral oils and distillation products ($313m), inorganic chemical products ($220m), cars, tractors and bikes ($178m).

The agency also reported that Turkish investments in Egypt grew by 30.3% in the fiscal year 2021/2022, reaching $179.9m, while the transfers of Egyptians working in Turkey increased by 35.2%, amounting to $29.1m. The transfers of Turks working in Egypt also rose by 13.6%, reaching $10.3m.

CAPMAS noted that the population of Egypt was estimated at 105.5 million people in 2023, while the population of Turkey was estimated at 85.8 million people in 2023. The number of Egyptians living in Turkey was about 40,000 by the end of 2022.

The agency stressed that the visit of the Turkish Foreign Minister came at a critical time when the region was facing many challenges that required intensive consultation and coordination, as well as strengthening cooperation and joint projects in various developmental fields.

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