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Despite the current economic and political challenges on the global front, the transactions of the Egyptian economy with the external world achieved an overall BoP surplus of $9.7bn during FY 2023/2024, according to the Central Bank of Egypt (CBE).

The overall surplus was mainly concentrated in the second half of the year (January/June 2024), recording $10.1bn due to the structural reforms of the Egyptian economy implemented on 6 March; which was positively reflected on the capital and financial account to record a net inflow of $29.9bn during the reporting year, on the back of the unprecedented hike in net FDI to reach $46.1bn (of which, $40.5bn was achieved in H2 of FY 2023/2024).

Concurrently, portfolio investments in Egypt shifted to a net inflow of $14.5bn. On the other hand, the current account deficit widened to register $20.8bn (against $4.7bn), primarily due to the increase in trade deficit by 27% and the decline in Suez Canal transit receipts by 24.3%.

The following factors have contributed to the rise in the current account deficit:

The trade deficit widened by $8.4bn to record $39.6bn (against $31.2bn), mainly because:

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