Thanks to the rapprochement..a major boom in trade exchange between Egypt and Turkey

Government sources in Egypt said in exclusive statements to “Sky News Arabia” that the amount of imported and exported goods between the two countries increased by a third, equivalent to an additional 1.6 billion dollars in the volume of trade between the two countries.

Government sources indicate that the growth rate of trade exchange between Egypt and Turkey increased by 32.6 percent in 2021, which represents a “boom” in Egypt’s exports to Turkey.

The sources indicated that the increase in Egypt’s exports to Turkey was estimated at 70.63 percent in 2021 compared to 2020, as it was about 1.7 billion dollars, and it became about 2.9 billion dollars in the past year, with a total of 7.29 percent of Egypt’s exports to the world.

Egyptian sources say that Turkey views many distinguished Egyptian products with appreciation, and vice versa, and there are more prospects for economic improvement, especially after what the sources described as a “calm” between the two countries.

On the extent of the impact of the political crisis between the two countries and its reflection on the volume of trade exchange, the sources said that it did not affect the economic aspects significantly, as Turkey has been, over the past periods, among the countries that have maintained import and export rates and trade exchange in general with Egypt.

The depreciation of the lira

Member of the Egyptian Council for Foreign Affairs, Mohamed El-Shahawi, says that Egypt and Turkey are known for the existence of a large trade exchange between them, in several areas, noting that the state of “calm” would positively affect the volume of exports and imports between the two countries, especially with the significant drop in the price of the Turkish lira. .

El-Shahawi added, in an exclusive interview with “Sky News Arabia”, that the Egyptian state does not start with a state of hostility with any party, but rather extends a hand of cooperation to all, explaining that the country’s political leadership is working to achieve the national interest according to what it sees, and does not seek conflicts with any party no matter what. It was, provided that it did not interfere in Egyptian internal affairs.

A member of the Egyptian Council for Foreign Affairs says: The significant increase in the volume of Egyptian exports to Turkey was not alone, but to many countries, as Egypt achieved record levels in the volume of exports, ranked as the largest in its history during 2021, according to Egyptian government reports.

India and Italy

Government reports on Egypt’s exports in 2021 reveal that the export rate to Turkey is a little higher than the volume of trade exchange between Egypt and India last year; Where it recorded about $ 2.8 billion, noting that Turkey was at the top of the countries importing from Egypt in 2021, followed by India and Italy.

The responsible sources in Egypt point out that Turkey ranks fifth in terms of exporting countries to Egypt, with a growth rate of 12.06 percent over the previous year. Turkey’s exports to Egypt amounted to about 3.5 billion dollars, compared to 3.1 billion dollars in 2020.

Historic export volume

The volume of Egyptian non-oil exports in 2021, according to government reports, amounted to 32.3 billion dollars, and the volume of petroleum exports to 12.9 billion dollars, which represents the largest volume of exports that Egypt achieves abroad, despite the crisis of the spread of the Corona virus since the beginning of last year, and the challenges witnessed by the global economy that affect In turn, the Egyptian economy, including high inflation rates and freight rates.

Egypt is seeking to provide more reforms that support increasing exports to foreign markets; In order to achieve the goal of bringing Egyptian exports to $100 billion annually.

Egypt followed several policies and procedures during the past year to revive the export file, as it chaired the COMESA grouping to strengthen its economic relations with the African market, which comes at the top of the target markets for the ministry’s plan to double exports.

Internally, the Egyptian government has put forward many initiatives, including the cash payment initiative for export shipments, exhibition support programs and air freight, bringing the total export support disbursed during 2021 to about 6.9 billion pounds, benefiting 1,355 companies.

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