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Sun 7 Sep 2008 02:20 AM

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Egypt posts $5.4bn balance of payments surplus in 07/08

Growth in oil and gas, tourism and FDI receipts counter jump in imports.

Egypt recorded a balance of payments (BoP) surplus of $5.4 billion in the year to June, up from $5.2 billion a year earlier, central bank figures showed on Saturday.

Net services and transfers Revenue from tourism jumped 32.3 percent to $10.8 billion, and revenue from the Suez Canal rose 23.6 percent to $5.2 billion due to an increase in shipping through the waterway and an increase in tonnage.

The trade balace, however, deteriorated to record a deficit of $23.42 billion, compared with $16.20 billion for 2006/2007.

Exports of oil and gas jumped nearly 50 percent to $14.47 billion while net foriegn direct investment (FDI) inflows continued to be strong with the country attracting net FDI of $13.24 billion compared with $11.05 billion in the previous financial year. (Reuters)