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Merchandise export earnings increase by $2.2bn in H1 of FY 2018/19: CBE Balance of petroleum trade achieves surplus for first time in 4 years, reaches $150.8m
The Central Bank of Egypt (CBE) has revealed an increase in the merchandise export earnings during the first half (H1) of fiscal year (FY) 2018/19 by $2.2bn, recording $14.3bn, compared to $12.1bn during H1 of FY 2017/18, with an 18.4% growth, which limited the increase in the trade balance deficit. The CBE pointed out in its initial report on the Egyptian balance of payments that there is a decline in payments of petroleum products by 2.1%, recording about $5.8bn as a result of the decline in the petroleum products and imported crude oil, as well as achieving self-sufficiency of natural gas. It added that the petroleum balance trade has achieved a surplus for the first time in four years, reaching $150.8m, compared to a deficit of $2.2bn during the same period of the last FY. “The surplus in the balance of services rose by 36.7% to about $7.3bn, compared to about $5.3bn, and the surplus in the balance of travel rose to about $5.4bn, compared to about $3.8bn,” according to the CBE. It added that the total fees collected for transiting through the Suez Canal increased by 5.8%, to record about $2.9bn, compared to $2.8bn. According to the CBE, the capital and financial accounts achieved a net inflow of $1.8bn. It pointed out that direct foreign investment in Egypt recorded a total inflow of $6.6bn, compared to about $6.57bn. Meanwhile, it recorded outflows of $3.8bn, compared to about $2.8bn, taking the net direct foreign investments in Egypt to $2.8bn worth inflows. According to the CBE, the disbursements of loans and medium-term facilities declined to $2.2bn, compared to $4.7bn, while the total paid amount increased to $1.3bn, compared to $1.2bn, making the net usage reaching $872.3bn, compared to $3.5bn.
