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Egypt records surplus in first quarter of current fiscal year

Central-Bank--Egypt

Egypt records surplus in first quarter of current fiscal year

Cairo, Feb 4 (Prensa Latina) Egypt has recorded a surplus of 311.4 million dollars in the balance of payments in the first quarter of the current 2021-2022 fiscal year, which started in July, the Central Bank of Egypt (CBE) reported.
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The financial institution explained in a communiqué that the figure was reached despite an increase in the current account deficit to four billion dollars during that period.

That growth came as a result of a 26.1-percent deficit in the non-petroleum trade balance, with expenditures worth 11 billion dollars due to the higher purchases of medical supplies to fight the Covid-19 pandemic, the document stressed.

On the other hand, Egypt increased its food exports in 2021 up to 4.1 billion dollars, a 19 percent year-on-year growth.

Food Export Council Chairman Hany Barzy told reporters that products worth 393 million dollars were sold to other nations in June 2021 alone.

Exports to Arab markets amounted to 2.2 billion dollars in those 12 months, accounting for 54 percent of the total, followed by the European Union with 634 million dollars.

Meanwhile, Sub-Saharan Africa bought goods worth 404 million dollars and the United States purchased products worth 223 million dollars.

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