Egypt BoP records $882 mln surplus in FY2022/2023 on record tourism & Suez Canal revenues

Tourism revenue increased by 26.8 percent on a yearly basis in FY2022/2023, jumping to a record $13.6 billion, according to data released by the Central Bank of Egypt (CBE) on Wednesday.

Meanwhile, Suez Canal revenue surged by 25.2 percent on a yearly basis in FY2022/2023, hitting a record $8.8 billion.

In a press conference in June, Suez Canal Authority (SCA) Chairman Osama Rabie attributed the Suez Canal's revenue increase to factors such as the Ukrainian-Russian war and ongoing development projects by the SCA, among other factors.

Net inflows of foreign direct investments (FDI) registered $10 billion in FY2022/2023, up from $8.9 billion a year earlier.

Outflows dropped significantly during FY2022/2023, registering $3.8 billion, down from $21 billion in FY2021/2022.

However, remittances from Egyptians abroad, which traditionally surpass the Suez Canal or tourism revenues, tumbled 30.8 percent in FY2022/2023, registering $22.1 billion, down from $31.9 billion in FY2021/2022.