By: Fahd Omran

Cairo – Mubasher: Egypt’s balance of payments (BoP) posted an overall surplus of $227.3 million during the first quarter of fiscal year 2019/2020, according to the monthly statistical bulletin of the Central Bank of Egypt (CBE).  

The North African nation’s current account deficit fell by $629.8 million to $1.4 billion in the three-month period ended 30 September, compared to $2 billion in the year-ago period on the back of narrower non-oil BoP deficit and higher current transfers.

Non-oil BoP recorded a deficit of $8.2 billion in Q1 of FY19/20, down by $1 billion from $9.2 billion in the corresponding period a year earlier.

The country’s non-oil commodity exports rose by $707.3 million to $4.7 billion in the July-September period of 2019, compared to $4 billion, while non-oil commodity imports declined by $322.7 million to $12.9 billion from $13.2 billion.

Egypt’s non-oil BoP deficit stabilised at $606.2 million as oil exports fell by $371.7 million to $2.4 billion and oil imports declined by $371.1 million to $3 billion.

The services’ surplus dipped by $248.1 million year-on-year to $4 billion in Q1 of FY19/20 from $4.3 billion.

Meanwhile, the travel balance surplus was unchanged at $3.2 billion in the three-month period ended 30 September as travel receipts rose to $4.2 billion from $3.9 billion and travel payments increased to $1 billion from $717 million.

Moreover, Suez Canal receipts grew by $66.1 million to $1.5 billion from $1.4 billion.

Investment income deficit widened by $936.6 million to $3.3 billion from $2.4 billion, driven by a $1 billion increase in investment income payments which stood at $3.6 billion from $2.6 billion.