Egypt’s BoP records overall surplus of $9.7B in FY2023/24

Updated 10/1/2024 12:54:00 PM

Arab Finance: Egypt’s balance of payment (BoP) saw an overall surplus of $9.7 billion during the previous fiscal year (FY) of 2023/2024, compared to a surplus of $882.4 million in FY 2022/2023, according to the Central Bank of Egypt’s (CBE) BoP performance report for FY 2023/2024.

The overall surplus was mainly concentrated in the second half (H2) of 2023/2024, reaching $10.1 billion, supported by Egypt's economic structural reforms introduced on March 6, 2024.

The report also showed that the current account deficit climbed to $20.8 billion during the July 2023-June 2024 period, compared to $4.7 billion a FY earlier.

The capital and financial account registered a net inflow of $29.9 billion last FY, up from $8.9 billion in FY 2022/2023.

Meanwhile, foreign direct investments (FDI) recorded a net inflow of $46.1 billion in the country, while portfolio investments realized a net inflow of $14.5 billion, versus a net outflow of $3.8 billion a FY earlier.

Tourism revenues climbed by 5.5% to $14.4 billion during the elapsed FY, compared to $13.6 billion in the July 2022-June 2023 period.

This increase was due to the surge in numbers of both tourist nights by 5.5% to 154.1 million nights and tourist arrivals to Egypt by 7.4% to 14.9 million tourists.

Remittances of Egyptian workers abroad dropped by 0.6% to $21.9 billion from $22.1 billion a FY earlier.

Furthermore, the Suez Canal transit receipts declined by 24.3% to $6.6 billion in the 12-month period ended June 2024, compared to $8.8 billion in the corresponding period.

This was due to the drop in both net tonnage of vessels by 29.6% to 1.1 billion tons and the number of passing vessels by 22.2%.