Cairo – Mubasher: Egypt’s total trade deficit surged by 22.29% year-on-year (YoY) to $28.80 billion during the first nine months (9M) of fiscal year (FY) 2023/2024 from $23.55 billion.

Total exports dropped to more than $24.11 billion in 9M-23/24 from $31.05 billion in the corresponding period a year earlier, according to data released by the Central Bank of Egypt (CBE).

Total imports declined to $52.92 billion in the nine-month period that ended on 30 March 2024, versus $54.60 billion in the comparative period the year before.

However, Egypt’s balance of payment (BoP) achieved a surplus of $4.13 billion in 9M-23/24, due to a 200% YoY surge in FDI inflows, compared to a surplus of $281 million in 9M-22/23.