Egypt’s balance of payments has reached a $ 410m surplus in the First Half (H1) of FY2019/20, the Central Bank of Egypt (CBE) reported. The latest figures can be comapred to e ttotal deficit of $1.8bn in the same period last year.
The current account deficit declined by $684.4m, recording $4.6 bn during the first six months of the current FY. This reflects a decline from $5.3bn during the same period last year, driven mainly by the decline in the non-oil trade deficit and the rise in unrequited current transfers.
In terms of the non-oil trade deficit, the CBE stated that it fell by $1.4bn in the first six months of the current FY to reach $18bn. This is down from $19.4bn during the same period last year.
The non-oil merchandise exports rose by $940.9m, reaching $9.2bn, while the non-oil merchandise imports retreated by $490.7m to stand at $27.2bn during the period from July to December 2019.
The CBE also revealed that oil exports declined by $1bn, standing at $5bn during the first six months of FY2019/20, compared to $6bn during the same period last year.
The CBE added that the net FDI rose by $773.8m to record a net inflow of $5bn in H1 of FY2019/20, up from $4.2bn during the same period last year. The CBE attributed this hike largely to the$1.2bn increase in net inflows for greenfield investments, recording $3.2bn.
Suez Canal receipts rose by $103.8m during the H1 of the current FY, reaching $3bn, up from $2.9bn during the same period last year.
The travel surplus retreated by $155.4m, reaching $5.3bn, down from $5.4 bn in the same period last year.
The CBE noted that the whole services surplus has declined by $1.0bn, reaching $6.3bn during the H1 of FY2019/20, compared to $7.3bn in the same period last year.