{"id":613055,"date":"2024-01-08T00:00:00","date_gmt":"2024-01-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/08\/current-account-deficit-narrows-in-1q-2023-2024\/"},"modified":"2024-01-08T00:00:00","modified_gmt":"2024-01-08T00:00:00","slug":"current-account-deficit-narrows-in-1q-2023-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/08\/current-account-deficit-narrows-in-1q-2023-2024\/","title":{"rendered":"Current account deficit narrows in 1Q 2023-2024"},"content":{"rendered":"

Egypt\u2019s current account deficit narrowed in 1Q FY 2023-2024 <\/strong>thanks to an increase inSuez Canal and tourism revenues, according to <\/span>central bank figures (pdf)<\/a>. The current account deficit narrowed almost 12% y-o-y to USD 2.8 bn, down from USD 3.2 bn during the same period last year. The balance of payments recorded a surplus of almost USD 229 mn in 1Q 2023-2024, less than half of the USD 523.5 mn recorded during the same period last year.<\/span><\/p>\n

This is our second quarter in the green: <\/strong>This is our second<\/a> quarterly BoP surplus in a rowand our third quarterly surplus since 2014, after we broke the deficit streak<\/a> in 2Q of last year.<\/p>\n

The breakdown: <\/strong><\/p>\n

#1- A dip in exports: <\/strong>Exports weakened nearly 20% y-o-y to USD 8.3 bn, triggered by oilexports more than halving during the quarter to USD 1.6 bn \u201con the back of the decrease in the exports of natural gas \u2026 and oil products \u2026 due to the decline of the exported quantities and the global prices.\u201d Meanwhile, non-oil exports inched higher to USD 6.7 bn from USD 6.3 bn the year before. <\/p>\n

#2- Remittances declined yet again: <\/strong>Remittancescontinued to fall, hitting their lowest levelsince FY 2016-17 amid the continued currency uncertainty. Remittances to Egypt recorded USD 4.5 bn for the quarter \u2014 a near 30% drop from last year\u2019s USD 6.4 bn.<\/p>\n

#3- FDI also saw a sizable drop:<\/strong> Foreign direct investments came in at USD 2.3 bn, down from last year\u2019s USD 3.3 bn. The figure was marginally higher from the USD 2.1 bn figure recorded in 4Q FY 2022-2023. <\/p>\n

Helping cushion the losses:<\/strong><\/p>\n

#1- Imports continued to decline: <\/strong>Imports fell for the sixth consecutive quarter to hit USD 16.3bn from USD 19.1 bn in 1Q 2022-2023, as both oil (24% y-o-y) \u2014 thanks to dip in crude oil imports triggered by rising global prices \u2014 and non-oil (13% y-o-y) \u2014 thanks to a dip in the imports of corn, organic and inorganic compounds \u2014 imports fell. This resulted in the trade deficit narrowing to USD 7.9 bn from USD 9.1 bn a year ago.<\/p>\n

#2- Tourism revenues rose 9% <\/strong>y-o-yto USD 4.5 bn, driven by an increase in both touristnights and arrivals.<\/p>\n

#3- Transport receipts also grew <\/strong>over 13% y-o-y to USD 3.5 bn, driven by an increase inSuez Canal transit receipts \u2014 which were up 19% y-o-y during the period \u2014 thanks to a jump in both the net tonnage of vessels passing and the number of vessels passing by. <\/p>\n

#4- Portfolio flows: <\/strong>Investors continued to pull capital from financial assets, but at a much slower pace. Egypt recorded some USD 523 mn of net portfolio outflows during the quarter compared to USD 2.2 bn in the same quarter last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the second quarterly BoP surplus in a row and the third quarterly surplus since 2014<\/p>\n","protected":false},"author":1,"featured_media":613056,"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":[1],"tags":[7038,271,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-balance-of-payments","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"ccbe41c1-35dc-4758-a638-71a9e0a0e5c3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/358.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s current account deficit narrowed 12% y-o-y in 1Q 2023-2024 to USD 2.8 bn","related_issue":[613046],"teaser":"This is the second quarterly BoP surplus in a row and the third quarterly surplus since 2014","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.e11c10aa-8b04-47b5-9bff-48b6cc4ed4cb.mp3"},"yoast_head":"\nCurrent account deficit narrows in 1Q 2023-2024 - 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The balance of payments recorded a surplus of USD 248.1 mn, down from USD 5.1 bn in 1QFY17-18, while the trade\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545903,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/","url_meta":{"origin":613055,"position":2},"title":"Current account deficit narrows in 2Q 2021-2022","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"Egypt\u2019s current account deficit narrowed to USD 3.8 bn in 2Q 2021-2022, from USD4.8 bn in the same period last year, calculating on the basis of central bank figures (pdf) released Thursday. 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