$237 million surplus, deficit falls
Central Bank of Egypt -YOUM7 (Archive)

CAIRO: Egypt’s balance of payments showed a $237 million surplus during the fiscal year 2013 against the $11.3 deficit the previous fiscal year, the Central Bank of Egypt (CBE) announced on Tuesday.

This is the first time Egypt achieved surplus on its world trading since the revolution in January 2011.

CBE noted in its report that deficit in payments fell by 45 percent, registering at $5.6 billion, compared to $10.1 billion. CBE attributed the slide to a decrease in trade balance by 7.6 percent to reach $31.5 billion during the 2013 fiscal year, compared to $34.1 billion the year before.

CBE also reported a rise in commodity export earnings by 3.6 percent with $26 billion total value, while import payments decreased by 2.9 percent, listing at $57.5 billion.

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