Egypt: Current account deficit surges 65% y/y to USD 18.4bn in FY 2020/21

Non-oil trade deficit widens 17% y/y as non-oil imports rise driven by raw materials, medicins, train cars, and cereals

Oil trade balance records marginal deficit as demand for imports falls, gas exports rise

Remittances rise 13% y/y, while tourism plummets due to COVID-19 pandemic

Financial account registers USD 23.4bn net inflow on the back of portfolio inflows into T-bills and bonds, FDIs (mostly retained earnings)

Foreign portfolio flows into T-bill market have remained strong since Jun 2020