BOP records $13.7B in surplus in FY 2016/17: CBE

CAIRO – 30 October 2017: Egypt’s balance of payments (BOP) registered a surplus of $13.7 billion in fiscal year 2016/17, after a $2.8 billion overall deficit in the preceding fiscal year, according to a report of the Central Bank of Egypt (CBE).

Non-petroleum exports hiked 15.9 percent year-on-year in that period to stand at $21.7 billion, managing director of foreign trade at the CBE, Yousri Abdel Rahman, said in a Monday conference.

Exports of manufactured items increased as well 46.2 percent to record $4 billion, Abdel Rahman added.

The deficit in the trade balance slumped $12.23 billion (37 percent) in the first eight months of 2017, to stand at $20.1 billion compared to $32.4 billion in the same period in 2016, Minister of Industry and Foreign Trade Tarek Kabil announced this month.

Non-petroleum exports in that period increased 11 percent to register $15 billion, compared to $13.5 billion from January to August last year.

Meanwhile, non-petroleum imports declined 23 percent from $45.5 billion from $35.1 billion in the same period, marking a 23-percent decrease.