Foreign Exchange Earnings in Egypt Increased by 31%

Egypt’s foreign exchange earnings jumped to USD 159.6 billion in the 2023/2024 fiscal year, marking a 30.8% increase from the previous year, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). The growth was largely driven by foreign direct investment (FDI), which climbed to USD 32.9 billion.

At the same time, foreign exchange payments also rose, reaching USD 148.5 billion, up 10% from USD 135 billion in 2022/2023, primarily due to a surge in import spending, which increased from USD 61.6 billion to USD 67.8 billion

Among Egypt’s key economic partners, Arab League countries contributed the most to foreign exchange earnings, bringing in USD 66.9 billion (41.9% of total earnings). The UAE led the region, accounting for USD 36.4 billion, followed by Saudi Arabia (USD 17.1 billion). Meanwhile, European nations accounted for the largest share of Egypt’s payments (USD 53.2 billion), with the UK and Germany topping the list.

Trade with the Common Market for Eastern and Southern Africa (COMESA) nations declined by 25.3%, totaling USD 2.8 billion, widening Egypt’s deficit with the region to USD 926.7 million. However, transactions with the European Union increased by 8.9% to USD 51.8 billion, though Egypt’s monetary balance with the EU worsened, with the deficit expanding from USD 5.1 billion to USD 9 billion.