Turkey’s exports to Egypt slumps 17 percent amid chilly ties
DAILY NEWS PhotoTurkey’s exports to Egypt shrunk by 17 percent in the first quarter of 2014 compared to the same quarter of last year amid strained political relations.
In the first quarter of 2014, Turkish goods exported to Egypt amounted to $769 million, marking a 17 percent decrease on a year-on-year basis, Turkish Exporters’ Assembly (TİM) figures show.
Egyptian imports constituted 2 percent of overall exports to Turkey between January-March, which amounted to $38.6 million.
Chemicals, which represented the highest share of exports to Egypt, almost one-third of the overall export total, sank 46.6 percent year-on-year to $252 million.
Steel product exports were worth $95 million, textiles $74 million and the automotive and supply industry $64 million.
Imports from Egypt constituted 2 percent of Turkey's overall imports between January-March, amounting to $38.6 million.
Relations between Cairo and Ankara have deteriorated since July last year when the Egyptian military toppled Islamist President Mohamed Morsi following enormous protests against his one-year rule.
The Turkish government, led by Prime Minister Recep Tayyip Erdoğan, has been a staunch backer of Morsi and his Muslim Brotherhood group.