Egypt's BoP records $991.2M overall deficit in Q1 FY2024/25
Updated 1/19/2025 10:10:00 AM
Arab Finance: Egypt’s balance of payment (BoP) saw an overall deficit of $991.2 million in the first quarter (Q1) of fiscal year (FY) 2024/2025, versus a surplus of$228.8 million in the same quarter of the previous FY, as per the Central Bank of Egypt’s (CBE) recent BoP report.
The current account deficit recorded $5.9 billion, compared to $2.8 billion, the report showed.
This was a result of a $6.1 billion increase in the trade deficit and a 22.1% plunge in services surplus to $4.1 billion, mainly driven by a 61.2% decline in Suez Canal transit receipts to $931.2 million from $2.4 billion.
The $84.4% surge in remittances of Egyptians working abroad to $8.3 billion during the quarter, compared to $4.5 billion, also affected the current account deficit.
Tourism revenues jumped by 8.2% to $4.8 billion from $4.5 billion, backed by a rise in the number of tourist nights.
On the other hand, payments via e-cards abroad fell by 59.7% to $406.7 million from $1 billion.
Additionally, the capital and financial account recorded a net inflow of $3.8 billion in Q1 FY2024/25, compared to $1.8 billion in Q1 of FY2023/24.
Meanwhile, the foreign direct investment (FDI) in Egypt registered a net inflow of $2.7 billion in the July-September 2024 period, against $2.3 billion during the same period in 2023.
During FY2023/24, the state’s BoP recorded an overall surplus of $9.7 billion, compared to a surplus of $882.4 million in FY2022/23.
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