{"id":646824,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/egypts-current-account-deficit-quadruples-in-fy-2023-24\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"egypts-current-account-deficit-quadruples-in-fy-2023-24","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/egypts-current-account-deficit-quadruples-in-fy-2023-24\/","title":{"rendered":"Egypt\u2019s current account deficit quadruples in FY 2023-24"},"content":{"rendered":"

Egypt\u2019s current account deficit more than quadrupled in FY 2023-24<\/strong>, recording USD 20.8 bn up from USD 4.7 bn during the previous fiscal year, driven by a significant increase in trade deficit and a decline in Suez Canal revenues, according to central ba<\/a>nk fig<\/a>ures (pdf)<\/a>. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

On the bright side: <\/strong>Despite the widening current account deficit, Egypt recorded an overall balance of payments surplus of USD 9.7 bn, which the bank said was driven by structural reforms that took place during the second half of the year, which resulted in a net inflow of some USD 29.9 bn.<\/p>\n

DRIVING THE RISE- <\/p>\n

#1- Suez Canal revenues dipped: <\/strong>Suez Canal transit receipts saw a 24.3% y-o-y decrease during the year to record USD 6.6 bn \u2014 the canal witnessed a 29.6% y-o-y decline in net tonnage and a 22.2% drop in the number of transiting ships. The decline was mostly concentrated in the second half of the fiscal year, which saw revenues dropping by 61.7% to USD 1.8 bn.\u201cSuch a decrease is due to the Red Sea maritime traffic disruptions which forced several commercial shipping companies to divert their shipping routes,\u201d the central bank said.<\/p>\n

#2- Oil exports took a big hit: <\/strong>Oil exports saw a 58.6% y-o-y decrease to USD 5.7 bn, largely driven by a significant dip in our natural gas exports \u2014 which fell by USD 6.6 bn to just USD 605.3 mn throughout the year. This meant our oil trade balance stayed in a deficit \u2014 it ran a deficit of USD 7.6 bn compared to a surplus of USD 410 mn recorded during the fiscal year 2022-2023. <\/p>\n

#3- Non-oil trade deficit widened <\/strong>by USD 354.8 mn to USD 31.9 bn thanks to a 2.4% y-o-y increase in non-oil imports. Non-oil exports saw a 4% increase to record USD 26.8 bn. <\/p>\n

SOFTENING THE BLOW- <\/p>\n

#1- FDI inflows saw a surge: <\/strong>Foreign direct investment recorded a net inflow of USD 46.1 bn \u2014 its highest ever level \u2014 up from just USD 10 bn during the previous fiscal year. Inflows were primarily driven by ADQ\u2019s USD 35 bn Ras El Hekma agreement<\/a>, which contributed the lion\u2019s share of Egypt\u2019s FDI for the year.<\/p>\n

#2- Portfolio investments in the green: <\/strong>Egypt recorded a net inflow of USD 14.5 bn in portfolio investments, compared to a net outflow of USD 3.8 bn during the FY 2022-23, as March\u2019s float of the EGP and the jumbo interest rate reignited investor confidence in the local economy. <\/p>\n

#3- Tourism revenues were up: <\/strong>Revenues from tourism increased 5.5% y-o-y, reaching USD 14.4 bn thanks to a 7.4% rise in the number of incoming tourists \u2014 which reached 14.9 mn \u2014 as well as a 5.5% increase in nights spent.<\/p>\n

#4- Remittances decreased \u2014 but have been recovering since the float:<\/strong> Remittances from Egyptians abroad fell by 0.6% to USD 21.9 bn during last fiscal year, but 4Q FY 2023-24 (following the float) saw a 61.4% y-o-y increase in remittances to USD 7.5 bn. <\/p>\n

The international press also picked up the story: <\/strong>Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deficit was driven by a significant increase in the trade deficit and a decline in Suez Canal revenues<\/p>\n","protected":false},"author":1,"featured_media":646825,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7038,271,104,72,103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-646824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-balance-of-payments","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-fdi","wpautop","entry"],"acf":{"mongo_id":"969f89bf-ab59-42e5-924d-bcb8aa39241b","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/136.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s current account deficit quadruples to reach USD 20.8 bn in FY 2023-24","related_issue":[646819],"teaser":"The deficit was driven by a significant increase in the trade deficit and a decline in Suez Canal revenues","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.33c41117-762f-4bfb-a2f1-9925d3f33659.mp3"},"yoast_head":"\nEgypt\u2019s current account deficit quadruples in FY 2023-24 - 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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":658910,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/19\/egypts-current-account-deficit-doubles-to-usd-5-9-bn-in-1q-fy-2024-2025\/","url_meta":{"origin":646824,"position":1},"title":"Egypt\u2019s current account deficit doubles to USD 5.9 bn in 1Q FY 2024-2025","author":"enterpriseam admin","date":"19 January 2025","format":false,"excerpt":"The deficit was driven by a sharp increase in the trade deficit and a significant decline in Suez Canal revenues","rel":"","context":"In 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