Cairo – October 1, 2024: Egypt recorded a $9.7 billion surplus in fiscal year 2023/2024, attributed to structural reforms implemented on March 6, 2024, which bolstered investor confidence.
In its latest report on the country’s Balance of Payments (BoP), the Central Bank of Egypt (CBE) highlighted that the overall surplus was largely driven by a substantial performance in the second half of FY2023/2024, where it soared to $10.1 billion.
It also significantly improved capital and financial accounts, leading to a net inflow of $29.9 billion, up from $8.9 billion in the previous year, fueled by a record surge in foreign direct investment (FDI) which reached $46.1 billion, with $40.5 billion received in the latter half (H2) of the fiscal year alone.
Egypt’s current account deficit expanded in FY2023/2024, registering at $20.8 billion, a significant increase from $4.7 billion in the previous year.
The trade deficit rose by 27 percent, widening to $39.6 billion from FY2022/2023’s $31.2 billion.
The oil-trade balance reported a deficit of $7.6 billion against a $410 million, the CBE explained.
The non-oil trade deficit also expanded, increasing by $354.8 million to register at $31.9 billion, driven by a rise in non-oil merchandise imports.
Key contributing factors included a considerable drop in oil exports, which plummeted by $8.1 billion to $5.7 billion, alongside a decline in Suez Canal receipts, which fell by 24.3 percent to $6.6 billion.
The tourism sector provided some relief, with revenues increasing by 5.5 percent to $14.4 billion, driven by a rise in tourist arrivals and overnight stays.
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