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Central Bank of Egypt unveils $228.8 million BOP surplus in Q1

Posted on January 15, 2024 |

The Central Bank of Egypt (CBE) reported a BOP surplus of $228.8 million in Q1 FY 2023/2024, a decrease from $523.5 million the previous year.

The current account deficit improved by 12.1% to $2.8 billion, mainly due to a 12.7% decrease in the trade deficit to $7.9 billion.

The services surplus increased to $5.2 billion, driven by higher Suez Canal transit receipts and tourism revenues.

The capital and financial account showed a net inflow of $1.8 billion, with $2.3 billion in foreign direct investment.

Portfolio investments in Egypt experienced a net outflow of $523.4 million.

The non-oil trade deficit got better by $2.4 billion, reaching $6.6 billion from $9.0 billion due to non-oil merchandise imports falling by $1.9 billion.

Non-oil merchandise imports went down by 12.5% to $13.3 billion from $15.3 billion.

Non-oil merchandise exports grew by $458.9 million, reaching $6.7 billion from $6.3 billion.

Transport receipts went up by 13.5% to $3.5 billion from $3.0 billion as Suez Canal transit receipts grew by 19.4% to $2.4 billion, thanks to more vessels passing through.

Tourism revenues grew by 9.3% to $4.5 billion from $4.1 billion.

This was because there were more tourist nights, up by 9.3% to 47.7 million, and more tourists arriving in Egypt, up by 23.2% to 4.2 million.

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