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Egypt’s trade with Turkey grows despite political rift

Egyptian efforts to attract investors and openness to Turkish investors have helped reduce Cairo's trade deficit with Ankara, despite ongoing tense bilateral political relations.
Employees work on a boat in front of a container ship, as they are both crossing the new waterway of the Suez canal on July 25, 2015, in the Egyptian port city of Ismailia, east of Cairo. Egypt began the first trial run of its "new Suez canal," officials and state media said, ahead of the formal inauguration of the new shipping route on August 6. Dubbed the Suez Canal Axis, the new 72-kilometre (45 mile) project is aimed at speeding up traffic along the existing waterway by reducing the waiting period of ve
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Egyptian exports to Turkey jumped by 38.5% in 2017 compared to 2016, despite the political clash that has pitted the two countries against each other over the past few years.

According to the latest report released by the Egyptian Commercial Representation Office in Istanbul, Egypt’s exports to Turkey edged up by 38.5% to stand at $1.99 billion in 2017, compared to $1.44 billion a year earlier. Egypt’s imports from Turkey, meanwhile, declined by 13.7% to reach $2.36 billion in 2017, compared to $2.73 billion in 2016, the same report stated. It also highlighted that foreign trade balance increased from 53% in 2016 to 85% in 2017.

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