Arab Finance: Egypt’s balance of payment (BoP) saw an overall surplus of $228.8 million during the first quarter (Q1) of the current fiscal year (FY) 2023/2024, versus a surplus of $523.5 million in the same period of FY 2022/2023, according to a report by the Central Bank of Egypt (CBE).

The also report showed that the current account deficit narrowed by 12.1% to $2.8 billion.

The improvement in the current account deficit was affected by the 12.7% decline in the trade deficit which reached $7.9 billion.

The capital and financial account registered a net inflow of $1.8 billion during July-September 2023.

Meanwhile, foreign direct investments (FDI) recorded a net inflow of $2.3 billion to the country, while portfolio investments in Egypt realized a net outflow of $523.4 million.

Tourism revenues climbed by 9.3% to $4.5 billion during the Q1 of the current FY, compared to $4.1 billion in the July-September period of 2022.

This increase was due to the surge in numbers of both tourist nights by 9.3% to 47.7 million and tourist arrivals to Egypt by 23.2% to register 4.2 million.

Egyptian workers’ remittances dropped by 29.9% to $4.5 billion in Q1 FY2023/2024 from $6.4 billion in the comparable period a FY earlier.

Furthermore, the Suez Canal transit receipts rose by 19.4% to $2.4 billion, compared to $2 billion in the corresponding quarter a FY earlier, driven by the jump in both the net tonnage of vessels by 8.2% to 403.1 million tons and the number of passing vessels by 4.3%.

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