{"id":586109,"date":"2023-05-07T00:00:00","date_gmt":"2023-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/egypts-current-account-enters-the-black-for-the-first-time-since-2014\/"},"modified":"2023-05-07T00:00:00","modified_gmt":"2023-05-07T00:00:00","slug":"egypts-current-account-enters-the-black-for-the-first-time-since-2014","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/egypts-current-account-enters-the-black-for-the-first-time-since-2014\/","title":{"rendered":"Egypt\u2019s current account enters the black for the first time since 2014"},"content":{"rendered":"

<\/span>Egypt generated a current account surplus for t<\/span>he first time since 2014 <\/span>in 2Q FY <\/span>2022-2023<\/span> due primarily t<\/span>o falling imports<\/span>, according to Enterprise calculations based on <\/span>central bank figures (pdf)<\/a><\/span> released Wednesday. The<\/span> current account <\/span>turned to a USD 1.41 bn surplus during the October-December period, compared to deficits of <\/span>USD 3.8 bn<\/a><\/span> in the same period a year earlier and <\/span>USD 3.19 bn<\/a><\/span> the previous quarter.<\/span><\/p>\n

KEY DRIVERS OF THE IMPROVEMENT- <\/span><\/p>\n

#1-<\/span> Falling imports<\/span>: <\/span>Egypt\u2019s <\/span>trade deficit <\/span>recorded its <\/span>smallest deficit in 12 years<\/span> in 2Q FY <\/span>2022-2023, narrowing to USD 6.45 bn from USD 10.64 bn a year earlier and USD 9.1 bn in 1Q. This was driven by a 20% decline in imports, which fell to USD 17.99 bn from USD 22.48 bn a year earlier, primarily due to the import restrictions imposed last year in response to the FX shortage. Meanwhile, the country exported USD 11.54 bn worth of goods during the quarter, down 3% y-o-y but up from almost USD 10 bn in the previous quarter.<\/span><\/p>\n

#2- Tourism rebound continues:<\/span>Tourism revenues<\/span> rose 9% y-o-y to USD 3.25 bn, compared <\/span>to USD 2.98 bn in 2Q FY 2021-2022, but fe<\/span>ll more than a third<\/span> from the previous quarter. Expect the rebound to have continued in the January-March quarter: arrivals reportedly rose 33% y-o-y during the first four months of the year, putting the government on track to meet its target of <\/span>15 mn visitors<\/a><\/span> in 2023.<\/span><\/p>\n

#3- Suez Canal revenues up:<\/span>Suez Canal receipts<\/span> rose 17% to USD 1.97 bn, up from USD <\/span>USD 1.7 bn a year earlier. Revenues were down slightly from USD 2 bn from 1Q.<\/span><\/p>\n

#4- Rising FDI: <\/span>Foreign direct investment <\/span>climbed 52% to USD 2.43 bn, from USD 1.6 bn a <\/span>year earlier. Inflows fell 26% on a quarterly basis from USD 3.3 bn in 1Q.<\/span><\/p>\n

TO THE DOWNSIDE-<\/span><\/p>\n

#1- <\/span>Portfolio outflows<\/span> continue: <\/span>The country clocked net portfolio outflows of USD 855.4 mn <\/span>during the quarter as investors continued to pull money out of the country amid the economic uncertainty. <\/span>The upside:<\/span> Outflows eased markedly from USD 6 bn a year earlier during the height of the global economic shock caused by Russia\u2019s war in Ukraine. <\/span><\/p>\n

#2- Remittances fell: <\/span>Remittances from Egyptians abroa<\/span>d fell 25% y-o-y to USD 5.56 bn. They <\/span>also fell 14% from 1Q when they registered USD 6.44 bn. <\/span><\/p>\n

The story received international coverage:<\/span>Reuters<\/a><\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Thank import curbs, which narrowed the country\u2019s trade deficit to 12-year lows<\/p>\n","protected":false},"author":1,"featured_media":586110,"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":[7038,271,7039,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-balance-of-payments","tag-central-bank-of-egypt","tag-current-account","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"fa3b8f31-f6f5-4fc4-b9fd-0ca257241588","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/265.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt records current account surplus for first time in almost 9 years in 2Q 2022-2023","related_issue":[586104],"teaser":"Thank import curbs, which narrowed the country\u2019s trade deficit to 12-year lows","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.096652ca-0c60-401d-a8fc-b7dbbbb4682a.mp3"},"yoast_head":"\nEgypt\u2019s current account enters the black for the first time since 2014 - 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The\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\/2018\/11\/1115.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":586109,"position":2},"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":593511,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/current-account-deficit-widens-to-usd-8-2-bn-in-fy-2018-2019\/","url_meta":{"origin":586109,"position":3},"title":"Current account deficit widens to USD 8.2 bn in FY 2018-2019","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"Egypt\u2019s current account deficit widened to USD 8.2 bn in FY 2018-2019, up from USD 6 bn the previous year, according to central bank figures (pdf). Rising imports and a dip in remittances caused the current account to fall further into the red, despite the oil balance turning a surplus\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\/9\/2059.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556219,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/egypts-balance-of-payments-flips-to-surplus-in-2020-2021-current-account-deficit-rises\/","url_meta":{"origin":586109,"position":4},"title":"Egypt\u2019s balance of payments flips to surplus in 2020-2021, current account deficit rises","author":"enterpriseam admin","date":"17 October 2021","format":false,"excerpt":"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\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\/2021\/10\/174.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":586109,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586109","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=586109"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586109\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586110"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586109"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586109"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}