Surplus in Egypt’s payments balance rose to $523.5 million at Q1-FY22-23: CBE

In a statement issued today, the Central Bank of Egypt revealed that the Egyptian balance of payments witnessed a surplus of $523.5 million during the first quarter of the fiscal year 2022/2023.

 In addition, it was attributed to the rise in tourism revenues by 43.5%, to record $4.1 billion (compared to about $2.8 billion).

Furthermore, an improvement has been seen in the non-oil trade balance deficit by $2 billion, to stand at $9 billion compared to $11 billion, as a result of the increase in the revenues of non-oil commodities exports, and the decrease in payments for non-oil commodity imports.

The Central Bank indicated that the revenues of non-oil commodity exports increased by 5%, to record  $6.3 billion, compared to ($6 billion), in addition to a decrease in payments for non-oil commodity imports by 9.9%, to record $15.3 billion, compared to ($16.9 billion).

The statement has also confirmed that the increase in the transport sector revenues by 33.7%, to record $3 billion, compared to $2 billion resulted from a leap in Suez Canal revenues by 19.1%, to record  $2 billion (compared to $1.7 billion).