Egypt’s trade deficit with Turkey fell 72% to reach $360 million in 2017, thanks to a boost in the exports of chemicals, textiles and plastics.
Cairo- Minister of Trade and Industry Tarek Kabil said that Egypt’s exports to Turkey, the country’s second top importer after the UAE, witnessed an unprecedented rise in 2017, hitting $1.998 billion, compared to $1.443 billion a year earlier, posting a 38.5% increase, according to a recent report by the Egyptian commercial office in Istanbul.
On the other hand, Egyptian imports from Turkey declined 13.7%, standing at $2.360 billion, down from about $2.733 billion in 2016, bringing down Egypt’s trade deficit with Turkey by 72% to $360 million.
The report also pointed out that Egypt’s export/import coverage ratio grew from 53% in 2016 to 85% in 2017.
“Export growth to the Turkish market last year is due to a boost in Egyptian shipments of chemicals by 89%, textiles and ready-made garments by 23%, and plastics and rubber by 31%; which together make up around 80% of total Egyptian exports to Turkey,” Head of the Egyptian Commercial Service Ahmad Antar noted.