{"id":556219,"date":"2021-10-17T03:58:17","date_gmt":"2021-10-17T03:58:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/egypts-balance-of-payments-flips-to-surplus-in-2020-2021-current-account-deficit-rises\/"},"modified":"2021-10-17T03:58:17","modified_gmt":"2021-10-17T03:58:17","slug":"egypts-balance-of-payments-flips-to-surplus-in-2020-2021-current-account-deficit-rises","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/egypts-balance-of-payments-flips-to-surplus-in-2020-2021-current-account-deficit-rises\/","title":{"rendered":"Egypt\u2019s balance of payments flips to surplus in 2020-2021, current account deficit rises"},"content":{"rendered":"

<\/a> Egypt\u2019s balance of payments flipped to a surplus of USD 1.9 bn in the state <\/strong>fiscal year ending 30 June 2021<\/strong>, compared with a deficit of USD 8.6 bn in the previous fiscal year, when the early days of the covid-19 pandemic wiped out tourism and slowed global trade. \u201cThis improvement proved the ability of the Egyptian economy to quickly recover from the crises that hit the global economy,\u201d the central bank said in a statement (pdf)<\/a> released over the weekend that enclosed the figures.<\/p>\n

What\u2019s the balance of payments? <\/strong>You can think of it as the delta between all of the money that comes into the country thanks to things that bring in money (tourism, exports, Suez Canal revenues, FDI, remittances, etc) and the money we send outside the country (largely thanks to imports of everything from food to fuel).<\/p>\n

Our<\/strong> current account deficit widened by USD 7.2 bn in <\/strong>the state fiscal year ending 30 June <\/strong>2021<\/strong>, closing FY 2020-2021 at USD 18.4 bn compared with USD 11.2 bn the previous year, a fact the CBE attributed to a \u201cnoticeable drop in tourism revenues\u201d thanks to the impact of the pandemic on tourism. (Diving a bit deeper, we think the current account deficit actually shrank from USD 5.7 bn in 3Q2020-21<\/a>, likely on the back of rising remittances and portfolio investments.)<\/p>\n

Our biggest gainer was remittances, <\/strong>which rose by 13.2% y-o-y in FY 2020-2021 to USD 31.4 bn, up from USD 27.8 bn the previous fiscal year. Inflows rose almost 30% to USD 8.1 bn in 4Q, up from USD 6.2 bn in the same period last year, the CBE noted last month<\/a>.<\/p>\n

Thank you, carry traders:<\/strong> Portfolio investments also turned positive this year, recording a net inflow of USD 18.7 bn this year, compared to a net outflow of USD 7.3 bn in the FY2019-20. Egypt\u2019s high real interest rates have kept it as one of the most attractive emerging markets destinations for the carry trade, as the CBE kept interest rates on hold for the past seven MPC meetings<\/a>. We\u2019ll have to wait until 28 October to see if last month\u2019s spike in inflation<\/a>, coupled with the chance of a Fed tapering, will drive it to buck the trend.<\/p>\n

And despite supply chain disruptions, global port lockdowns (not to mention a ship which will not be named) Suez Canal revenues saw a slight rise of 1.7%<\/strong>, to USD 5.9 bn, up from USD 5.8 the year before.<\/p>\n

Trade deficit widened last fiscalyear: <\/strong>The non-oil trade deficit widened to USD 42.1 bn, from USD 36 bn in FY2019-2020, a 16.7% increase due to non-oil imports rising 15.2% y-o-y to record USD 62.1 bn from USD 53.9 bn.<\/p>\n

Foreign direct investment for the year also dipped 30% y-o-y to USD 5.2 bn<\/strong> from USD 7.5 bn, which the statement attributed to continued blowback from the pandemic.<\/p>\n

It was not a good year for tourism: <\/strong>Tourism revenues dropped by half during the fiscal year to record USD 4.9 bn, down from USD 9.9 bn during FY2019-2020, mainly due to the impact lockdowns and travel restrictions (thanks red list). That said, tourism is en route to recovery<\/a>, with arrivals averaging 400k people per month \u2014 a near 40% increase in monthly average figures prior to the pandemic. This is only expected to get better as a number of nations lift these travel restrictions, including the UK, which took us off the red list last month<\/a>. Bookings to Egypt and Turkey from the UK have soared 400% since our removal from the red list, an Easyjet executive told the Guardian last week<\/a>.<\/p>\n

<\/a> MORE GOOD NEWS ON THAT FRONT<\/strong>- <\/strong>Russia will lift remaining <\/strong>covid-related restrictions on flights to Sharm El Sheikh and Hurghada<\/strong> from November 9, Russian state-run outlet TASS reported<\/a> the government\u2019s coronavirus task force as saying last week. Other countries to see restrictions lifted on the same date include Tunisia, Thailand, the Netherlands, Sweden, Norway, Iran, Slovenia, and Oman, according to Reuters<\/a>.<\/p>\n

Russia has been gradually reinstating direct air links<\/strong> with Hurghada and Sharm El Sheikh since August 9, when direct flights between Moscow and the two coastal cities were resumed<\/a> after a six-year hiatus following the 2015 Metrojet crash<\/a> in Sinai. Since then, Russia has twice upped the number of flights between Moscow and the two Egyptian resorts to reach as many as 25 per week<\/a>, and expanded flights to other Russian cities outside of Moscow.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s balance of payments flipped to a surplus of USD 1.9 bn in the state fiscal year ending 30 June 2021, compared with a deficit of USD 8.6 bn in the previous fiscal year, when the early days of the covid-19 pandemic wiped out tourism and slowed global trade. \u201cThis improvement proved the ability of […]<\/p>\n","protected":false},"author":1,"featured_media":556220,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,103,270,954,7103,238,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-fdi","tag-russia","tag-sharm-el-sheikh","tag-suez-canal","tag-tourism","tag-trade","wpautop","entry"],"acf":{"mongo_id":"677e0719-a936-451b-bd5b-cdb8e758d77e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/174.jpg","photo_position":"above","related_issue":[556215],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s 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September 2021), compared to a deficit of USD 69.2 mn during 1Q2020-21 (ending September 2020), thanks to strong tourism, Suez Canal, and remittances receipts. \u201cThis improvement proved the ability of the Egyptian economy\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/38.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549947,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/current-account-narrows-in-fy-2021-2022-despite-turbulence\/","url_meta":{"origin":556219,"position":1},"title":"Current account narrows in FY 2021-2022 despite turbulence","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"Egypt\u2019s current account deficit narrowed by 10.2% to USD 16.6 bn in FY 2021-2022, buoyed by oil and non-oil exports, rising tourism receipts, and a jump in FDI, according to central bank figures (pdf) released Thursday. \u201cThese developments came despite the decline in global economic activity triggered by the Russian-Ukrainian\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592101,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/egypts-current-account-deficit-narrows-fdi-more-than-doubles-in-1q2019-2020\/","url_meta":{"origin":556219,"position":2},"title":"Egypt\u2019s current account deficit narrows, FDI more than doubles in 1Q2019-2020","author":"enterpriseam admin","date":"26 December 2019","format":false,"excerpt":"Current account deficit narrows, FDI more than doubles in 1Q2019-2020: The current account deficit decreased 31% y-oy in the first quarter of the government\u2019s new fiscal year to USD 1.382 bn from USD 2.012 bn the previous year, according to a central bank report (pdf). The non-oil trade deficit also\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579369,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23\/","url_meta":{"origin":556219,"position":3},"title":"Current account deficit narrows 20% in 1Q 2022-23","author":"enterpriseam admin","date":"5 February 2023","format":false,"excerpt":"Higher FDI, exports and tourism revenues are easing balance of payments pressures.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/68.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570416,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/current-account-deficit-narrows-in-the-first-half-of-fy-2019-2020\/","url_meta":{"origin":556219,"position":4},"title":"Current account deficit narrows in the first half of FY 2019-2020","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Current account deficit narrows in the first half of FY 2019-2020: Egypt\u2019s current account deficit narrowed to USD 4.6 bn in 1H2019-2020 from USD 5.3 bn the previous year, according to official data (pdf). The fall was caused primarily by an improving non-oil trade balance and a rise in unrequited\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/352.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590812,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/current-account-deficit-narrows-in-3q-2022-23\/","url_meta":{"origin":556219,"position":5},"title":"Current account deficit narrows in 3Q 2022-23","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"Current account deficit reaches USD 3.5 bn","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1042.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556219"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556219\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556215"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556220"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556219"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556219"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}