“58 million dollars”.. Net international financing from Egypt’s external resources

Net international financing from Egypt's external resources generated an inflow of about $58 million during the period from July to September of last year, according to data from the Central Bank of Egypt.

The central bank said that this is in exchange for an outflow of about $1.3 billion during the same period of the previous fiscal year.

The Central Bank attributed this rise as a result of several factors, including:

- An increase in net foreign financial resource flows by about $2 billion, to record about $4.6 billion, compared to about $2.6 billion during the corresponding period of the previous fiscal year.

Most of this increase was due to:

Net external borrowing, including deposits of non-residents, increased by about $6.1 billion during the presentation period.

Net foreign direct investment in Egypt increased by about $1.6 billion, to record an inflow of about $3.3 billion, compared to $1.7 billion over the specified period of the previous year, according to data on transactions with the outside world.

- The net inflows of portfolio investments in Egypt turned to achieve an outflow of about $2.2 billion, as foreigners exited in treasury bills and bonds by about $1.6 billion.

- Increasing investment income flows abroad from “profits and interests,” to record about $4.5 billion, compared to $3.9 billion.

Egypt's exports

In related context, The Information and Decision Support Center of the Council of Ministers revealed that Egypt's exports of electrical appliances and engineering industries continued to increase during June 2023, and during the first half of 2023.

Data from the Export Council for Engineering Industries stated that engineering exports achieved a slight increase during the first half of 2023, with an increase of 1%, reaching $2.002 billion, compared to $1.982 billion for the same period of 2022.

The sector’s exports increased during June 2023 by 4%, reaching $339.7 million, compared to $327.6 million in June 2022.

In this context, the number of foreign markets exported to reached 160, while the number of exported commodities reached 405, at a rate of 6.5 million tons.

A statement by the Ministry of Agriculture stated that the most prominent exports are fresh onions, potatoes, pomegranates and garlic, and potato exports approached 900,000 tons for the first time.

While citrus exports exceeded the barrier of one million and 900 thousand tons, tomato exports ranked 7th with a total of 49 thousand and 469 tons, and mangoes ranked 11th with a total amount of 7432 tons.