03 Feb 2022
The CBE (Central Bank of Egypt) has reported the balance of payments figures for 1Q21/22, showing a total surplus of USD311mn versus a deficit of USD69mn in 1Q20/21. The non-oil trade balance deficit increased by 26% YoY to reach USD11bn partly due to higher imports of medical supplies & equipment. This drove the current account deficit to rise to USD4bn from USD2.8bn in 1Q20/21. Despite that, non-oil exports did increase considerably by USD1.3bn YoY to register USD6bn, driven by higher exports of fertilizers, cables, and plastic polymers.
Furthermore, the service balance improved significantly due to a remarkable increase of USD2bn YoY in tourism revenues to reach USD2.8bn, as well as transport receipts which rose by 31% to sit at USD2.3bn. The capital & financial account also went up, with net inflows of USD6bn versus USD3.9bn in 1Q20/21. Remittances also went up by 1.5% to reach USD8.1bn, and net FDI increased by 3.7% to USD1.7bn.
(Source: Daily News Egypt (English), Egypt Today (English), See News (English), al-Maal, Amwal al-Ghad, al-Ahram, al-Youm al-Saabe, al-Shurouk, al-Watan, Akhbar al-Youm, Sada el-Balad, Sky News Arabia, CNN)