Services surplus doubled, recording US$ 14.5 bn, driven by marked increase in both tourism revenues and Suez Canal receipts: CoE

Services surplus doubled, recording US$ 14.5 bn, driven by marked increase in both tourism revenues and Suez Canal receipts: CoE

CAIRO, 26th July, 2023 (WAM) – Egypt’s transactions with the external world witnessed a marked improvement in the current account deficit by 61.2 percent to reach only US$ 5.3 billion (compared to US$ 13.6 billion in the same period of the previous FY), according to the Central Bank of Egypt's Balance of Payments Performance in July/March of FY 2022/2023.

The report said this was a main result of the decline in the trade deficit by 29.8 percent to only US$ 23.6 billion. Moreover, the services surplus doubled, recording US$ 14.5 billion, driven by the marked increase in both tourism revenues and Suez Canal receipts. The capital and financial account recorded a net inflow of US$ 8.1 billion as the net flows of FDI to Egypt rose to US$ 7.9 billion. On the other hand, portfolio investments in Egypt continued to achieve a net outflow of US$ 3.4 billion.

Tourism revenues surged by 25.7 percent to record US$ 10.3 billion (against US$ 8.2 billion), due to the rise in the numbers of both tourist nights by 26.8 percent to 110.5 million nights, and tourist arrivals to Egypt by 32.0 percent to register 10.0 million tourists.

Transport receipts increased by 41.4 percent, to reach US$