Egypt’s balance of payments shows positive results

CAIRO – 11 April 2019: The Central Bank of Egypt announced the data of balance of payments, revealing positive results, including the increase in the export of goods.

Egypt Today reviewed these positive results, which included the export of goods that jumped 18.4 percent by $2.2 billion to record $14.3 billion during July – December 2018 compared to $12.1 billion dollars in the same period.

It also included the decline in payments on petroleum imports by 2.1 percent to record $5.8 billion due to the decrease in the quantities imported from petroleum products and crude oil, and to achieving self-sufficiency of natural gas.

The balance of oil trade achieved a surplus for the first time in more than four years, amounting to $150.8 million, compared to a deficit of about $2.2 billion.

The surplus in the services balance rose by 36.7 percent to about $7.3 billion, compared to about $5.3 billion, and the surplus in the travel balance increased to about $5.4 billion dollars, compared to about $3.8 billion.

The data also showed that the Suez Canal receipts rose 5.8 percent to reach $2.9 billion dollars, compared to $2.8 billion, and capital and financial accounts achieved net inflows of $1.8 billion.

“Foreign direct investment in Egypt recorded a total inflow of about $6.6 billion, compared to $6.57 billion, and total outflow was about $3.8 billion, compared with about $2.8 billion, to reach a net of $2.8 billion,” data revealed.

The usage of long-term and medium-term loans and facilities fell to about $2.2 billion, down from about $4.7 billion.

While total repayments rose to $1.3 billion from $1.2 billion, resulting in a net of $872.3 million compared to $3.5 billion.