Egypt-Türkiye Trade Exchange Reaches $3Bn In H1 2024

2024-09-04 03:16:34

(MENAFN- Daily News Egypt) The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the trade exchange between Egypt and Türkiye decreased to $3bn during the first half (H1) of 2024, down from $3.7bn in the same period of 2023. This announcement coincides with President Abdel Fattah Al-Sisi's visit to Türkiye, to strengthen bilateral relations and lead the first meeting of the High-Level Strategic Council between the two nations.

The report highlighted that Egyptian exports to Türkiye amounted to $1.5bn in H1 2024, compared to $2.3bn during the same period in 2023. Meanwhile, Egypt's imports from Türkiye totalled $1.5bn in H1 2024, slightly up from $1.4bn in the same period of the previous year.

The key commodity groups exported by Egypt to Türkiye during this period included plastics and articles thereof worth $235m; fertilizers $177m; iron and steel and their products $143m; electrical and mechanical machinery and equipment and parts worth $113m; and ready-made garments $101m.

On the other hand, the main commodities imported by Egypt from Türkiye included electrical and mechanical machinery and equipment and parts thereof worth $275m; iron and steel and their products $278m; fuels, mineral oils, and products of their distillation $117m; and plastics and articles thereof worth $74m.

The report also indicated that Turkish investments in Egypt reached $77.8m during the first half of the 2023/2024 fiscal year, compared to $103.2m in the same period of the 2022/2023 fiscal year. Meanwhile, Egyptian investments in Türkiye amounted to $33.2m during the first half of 2023/2024, up from $28.4m in the corresponding period of the previous fiscal year.

Additionally, remittances from Egyptians working in Türkiye totalled $30.1m during the 2022/2023 fiscal year, compared to $29.1m in 2021/2022. Conversely, remittances from Turkish workers in Egypt reached $10.7m in 2022/2023, up slightly from $10.3m in 2021/2022.

The report also noted that Egypt's population reached 106.8 million in September 2024, while Türkiye's population stood at 86.3 million during the same period. Moreover, the estimated number of Egyptians residing in Türkiye was 73,300 as of 2023.

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