Minister of Trade and Industry Tarek Kabil announced that Egyptian exports to Turkey achieved unprecedented growth during the past year, increasing 38.5% to reach $1.998bn compared to $1.443bn in 2016.
The minister added that Egyptian imports from Turkey witnessed a remarkable decline last year to reach $2.36bn compared to $2.733bn in 2016, a decline of 13.7%.
This came in a press statement, following the issuance of latest report from the Egyptian Commercial Office in Istanbul about the movement of trade exchange between Egypt and Turkey during the past year.
Kabil said that the growth in the export movement and the decrease in the rate of imports from Turkey contributed to decreasing the trade balance deficit between Egypt and Turkey last year, which fell 72% to reach $360m in 2017 compared to 2016.
Ahmed Antar, head of the Egyptian Commercial Service (ECS), explained that the increase in Egyptian exports to the Turkish market during 2017 is attributed to the growth of exports in three main industrial sectors, which accounted for 80% of the total Egyptian exports, including chemicals, textiles and readymade clothes, and plastics and rubber.
Meanwhile, the minister stressed that the Egyptian exports to imports rate rose from 53% in 2016 to reach 85% in 2017, pointing out that Turkey is the second largest importer from Egypt after the United Arab Emirates (UAE).
Egypt is the largest producer in Africa and worldwide of long (LS) and extra long staple (ELS) cotton, accounting for 50 percent of world production in 2008, it has built a brand reputation for its quality of cotton. Furthermore, Egypt has a vertically integrated textile and apparel industry, 90% of spinning and weaving companies are publicly owned.
Over the last ten years, there were a growing number of efficient private companies. However, the private sector dominates downstream industry with over 70 percent of garment production. The Egyptian government is targeting the encouragement of private investments in the up-stream industry, as well as, the down-stream industries.
