Media ININ Economy We Trust
Cairo, February 2 / The Central Bank of Egypt announced that the Egyptian economy’s transactions with the outside world during the first quarter (July-September period) of the fiscal year 2022-2023 witnessed an improvement in the current account deficit at a rate of 20.2%, to record about $3.2 billion, compared to about $4 billion. dollars during the same period of the previous fiscal year.
The Central Bank of Egypt stated – in a report issued today – that the Egyptian balance of payments achieved a total surplus of $523.5 million at the end of last September.
The Central Bank indicated that the capital and financial transactions account recorded an inflow of about $4.4 billion as a result of the doubling of the net inflow of foreign direct investment to record about $3.3 billion. billion dollars.
In its report, the Central Bank pointed out that the decline in the current account deficit contributed to improving the non-oil trade balance deficit by about $2 billion, to be limited to about $9 billion, compared to about $11 billion, as a result of the increase in non-oil commodity exports. Contributed to lower payments for non-oil commodity imports.
The proceeds of non-oil commodity exports increased by 5.1% to record about $6.3 billion, compared to about $6 billion. The increase was concentrated in phosphate and mineral fertilizers, gold, radio and television transmitters and receivers, and ready-made clothes.
Payments for non-oil merchandise imports decreased by 9.9%, to be limited to about $15.3 billion, compared to about $16.9 billion. The decrease was concentrated in imports of passenger cars, telephones, and pharmaceuticals.
The report indicated that tourism revenues increased by 43.5%, to record about $4.1 billion, compared to about $2.8 billion, as a result of the increase in the number of tourist nights by 47.1%, to record about 43.6 million nights, and the number of tourist arrivals to Egypt by 52.2%, to record about 3.4 million tourists.
Transport revenues increased by 33.7%, to record about $3 billion, compared to about $2.3 billion, as a main result of an increase in Suez Canal revenues by 19.1%, to record about $2 billion, compared to about $1.7 billion. .
The Balance of Payments report indicated that the oil trade balance deficit stabilized at $106 million, as a main result of the rise in oil exports by $807.3 million on the back of an increase in natural gas exports by about $1.7 billion. This rise was limited by the decline in exports of both crude oil and crude oil. by about $449.9 million and petroleum products by $393.3 million, as well as an increase in petroleum imports by $812.2 million, mainly due to an increase in imports of petroleum products by $767.7 million.
The report stated that remittances of Egyptians working abroad decreased by 20.9%, to record about $6.4 billion, compared to about $8.1 billion. 815.4 million dollars, to record about 4.8 billion dollars, compared to about 4 billion dollars, as a reflection of the increase in both the profits achieved by foreign direct investment in Egypt, and the interest paid from external debt.
Investment income proceeds increased by $163.8 million to record $275.8 million compared to $112 million, mainly as a result of the increase in interest on residents’ deposits with banks abroad.
