Egyptian exports to Turkey increased 32.3% to a record $4 billion in 2022, up from $3 billion in 2021 according to a new statement from the Central Agency for Public Mobilization and Statistics (CAPMAS).
However, Egypt’s imports from Turkey declined from 0.7% to $3.72 billion, compared to $3.74 billion, according to CAPMAS’s statement.
On the other hand, the two countries’ bilateral trade volume rose 14% to post $7.7 billion in 2022, up from $6.7 billion a year earlier.
Fuels, mineral oils, distillates, plastics, non-organic chemicals, fertilizers, clothing, and electrical appliances were the top exports in 2022, according to the agency.
Moreover, Turkish investments in Egypt grew by 30.3% during the FY2021/2022, amounting to $179.9 million, against $138.1 million during the previous fiscal year.
In addition, remittances sent by Egyptian expatriates to Turkey increased by 32.3% in FY2020/2021, recording $21.5 million, compared to $16.3 million in FY2019/2020, CAPMAS noted.
Earlier Saturday, Turkish Foreign Minister Mevlut Cavusoglu arrived in the Egyptian capital earlier in the day for a new round of discussions aimed at normalizing relations between the two countries, marking the first high-level visit in over a decade.
During a press conference in Cairo, both Cavusoglu and his Egyptian counterpart FM Sameh Shoukry stated the importance to push forward the economic relations between the countries.
