Egypt's Trade Deficit Declines to $31.6 bn

Egypt's non-oil trade deficit declined by 34% to reach $31.6 billion, compared to $47.8 billion, according to the Central Bank of Egypt (CBE) data.

The report referred the the Central Bank’s balance of payments report for the fiscal year 2022-2023 mainly due to a decrease in payments for non-oil commodity imports by about $16.4 billion.

The report explained that payments for non-petroleum imports decreased by 22.2%, to be limited to about $57.4 billion, compared to about $73.8 billion, indicating that the decrease was concentrated in imports of passenger cars, spare parts and parts for cars and tractors, propylene polymers, as well as mobile phones.

Remittances from Egyptians working abroad declined by 30.8%, falling to $22.1 billion last fiscal year, compared to $31.9 billion.

Investment income payments increased by about $2.7 billion to record about $19.5 billion, compared to $16.8 billion, reflecting the increase in interest paid on external debt.

According to the report, investment income receipts increased by about $1.1 billion, recording about $2.1 billion, compared to $996.5 million, as a primary result of the increase in interest collected from abroad on residents’ deposits with banks abroad.