The overall surplus was largely driven by a substantial performance in the second half of FY2023/2024, where it soared to $10.1 billion, attributed to structural reforms implemented on March 6, 2024, which bolstered investor confidence
The deficit widened mainly due to a drop in Egypt's oil trade balance, which swung from a $1.7 billion surplus to a $5.1 billion deficit, driven by a decline in natural gas production that pushed oil and gas exports down by 61%
The document highlighted boosting exports, tourism and Suez Canal revenues, remittances, FDIs, and strengthening the outsourcing sector
The data further reveals that Egyptian remittances witnessed a decrease of 2% in the first quarter of the fiscal year (FY) 2023/2024, amounting to $4.523 billion
The drop is attributed to the widening gap between the official and unofficial exchange rates, leading Egyptians abroad to utilize unofficial channels when sending remittances
