Egypt's balance of payments recorded an overall surplus of some US$1.5 billion in 2013/2014, against $237 million a year earlier, according to a statement by The Central Bank of Egypt (CBE).
CBE said that the country’s current account deficit improved, registering only some $2.4 billion against some $6.4 billion a year earlier , while the capital and financial account resulted in a net inflow of around $4.9 billion compared with some $9.8 billion in the year to end-June 2013.
Meanwhile the improvement in the current account deficit could have been larger if not for the drop in services surplus from some $5.0 billion to $978.5 million, CBE showed.
The statement pointed out that such a drop came mainly on the back of the 48.0 percent decline in tourism revenues, to roughly reach $5.1 billion against some $9.8 billion.
In addition to this, the trade deficit increased by 9.8 percent to about $33.7 billion versus $30.7 billion, owing to the 3.7 percent rise in merchandise imports, to record some $59.8 billion against around $57.7 billion and the 3.2 percent retreat in merchandise exports to some $26.1 billion from some $27.0 billion, CBE explained .
The bank added that foreign direct investment into Egypt increased to about $4.1 billion in 2013/2014 from about $3.8 billion, driven by the rise in the net inflow for oil sector investments from some $1.0 billion to some $1.6 billion, while the net inflow for greenfield investments declined by 6.7 percent, to register $2.2 billion compared with $2.4 billion a year earlier.
