Egypt’s current account deficit fell 57.5% y-o-y to USD 5.3 bn in 9M2017-18, down from USD 12.5 bn in the same period last year. “This improvement was an outcome of the increase in both services balances surplus by 138.2% and net current transfers by 23.2%, [as well as a] retreat in trade deficit by 1.3%,” the CBE said in a statement (pdf), which adds that the BoP recorded a surplus of USD 11.0 bn during the nine-month period.

Remittances grew 23.1% y-o-y to USD 19.5 bn for 9M2017-18, up from 15.9 bn a year before. Travel receipts recorded a surplus of USD 5.5 bn, up from USD 651.0 mn in 9M2016-17, while revenues from the Suez Canal grew by 11.9% y-o-y to USD 4.2 bn.

Merchandise exports grew 17.6% to USD 18.8 bn, thanks to a 29.2% rise in oil exports to USD 6 bn, bolstered by higher global crude prices. Non-oil exports rose 12.9% y-o-y to USD 12.8 bn, thanks largely to increased exports of electrical appliances, fertilizers, and meds. Meanwhile, imports climbed 5.5% y-o-y to USD 46.8 bn.

Net foreign direct investment reached USD 6.0 bn in 9M2017-18, driven by some USD 3.4 bn in new oil sector investments. Portfolio investment generated net inflows of USD 14.9 bn, up from USD 7.8 bn a year ago, as foreigners continued to invest heavily in Egyptian treasury bills, with net purchases of USD 11.5 bn vs. USD 4.3 bn in 9M2016-17.

The CBE repaid USD 3.3 bn in loans during the nine-month period, but received some USD 7.7 bn in disbursements.