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The unprecedented hike in net FDI touched the USD 46.1 billion mark. Of which, USD 40.5 billion was achieved in H2 of FY 2023-24
The transactions of the Egyptian economy with the external world achieved an overall Balance of Payment (BoP) surplus of USD 9.7bn during FY 2023-24, according to the Central Bank of Egypt (CBE).
The overall surplus was mainly in the second half of the year (January/June 2024), recording USD 10.1 billion. The Central Bank attributes the development to the structural reforms being carried out to bring in fiscal discipline. This led to a net inflow of USD 29.9 billion during the reporting year. The unprecedented hike in net FDI touched the USD 46.1 billion mark. Of which, USD 40.5 billion was achieved in H2 of FY 2023-24.
Portfolio investments in Egypt were USD 14.5 billion. The current account deficit widened to register USD 20.8bn (against USD 4.7billion), primarily due to the increase in trade deficit by 27% and the decline in Suez Canal transit receipts by 24.3%.
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The trade deficit widened by USD 8.4 billion to a record USD 39.6 billion (against USD 31.2 billion), mainly because of the oil-trade balance. It ran a deficit of USD 7.6 billion against a surplus of USD 410 million. This was mainly due to oil exports decreasing by USD 8.1 billion to only USD 5.7 billion and natural gas exports by USD 6.6 billion to reach only USD 605.3 million.
