Egypt’s current account deficit narrows marginally, BoP nets USD 248.1 mn in 1QFY18-19
Egypt’s current account deficit narrowed marginally to USD 1.751 bn in 1QFY18-19, down from USD 1.754 bn during the same period last year, according to a CBE report (pdf). The balance of payments recorded a surplus of USD 248.1 mn, down from USD 5.1 bn in 1QFY17-18, while the trade deficit rose to USD 9.9 bn from USD 8.91 bn a year ago.
Net foreign direct investment dropped to USD 1.1 bn in 1Q2017-18, down from USD 1.84 bn during the same period last year. Investment in oil and real estate accounted for the lion’s share of FDI. Portfolio investment generated net outflows of USD 3.2 bn, down from USD 7.5 bn a year ago.
Merchandise exports grew 16.2% to USD 6.8 bn, thanks to a 57.6% rise in oil exports to USD 2.8 bn, bolstered by higher volumes and higher global crude prices. Non-oil exports dropped 2% y-o-y to USD 4, down from USD 4.1, mainly as a result of lower exports of semi-finished goods, particularly gold. Imports climbed 13% to USD 16.68 bn.
Remittances also grew marginally to USD 5.91 bn, up from USD 5.82 bn a year earlier. According to Reuters, the CBE seems to have revised its remittances figure for last year, which it previously said had reached USD 5.97 bn during the comparable quarter. Travel receipts recorded a surplus of USD 3.2 bn, up from USD 2.0 bn, while revenues from the Suez Canal grew by 4.3% y-o-y to USD 1.44 bn.