CAIRO - 29 August 2022: Egypt's petroleum exports recorded $13 billion during the first nine months of 2021/2022 fiscal year, achieving a $4 billion surplus, according to the Minister of Finance, Mohamed Maait.
Maait elaborated that achieving a surplus comes after the petroleum sector was a burden on the state by recording an annual trade deficit.
Moreover, Egypt’s non-oil exports also achieved $19.4 billion, with an annual growth of 33 percent, he noted.
According to the minister, the subsidy for petroleum commodities during the last fiscal year (2021-2022) amounted to LE 59 billion.
“Regarding remittances from Egyptian expatriates, they reached a new record during the last fiscal year, reaching $32.2 billion, which confirms the continued improvement of their confidence in the economic situation in Egypt,” he stated.
The Suez Canal achieved revenues of about $7 billion in 2021/2022, which reflects the feasibility of investments carried out to develop it.
This came during a conference to review the financial performance indicators for the current fiscal year budget (2022/2023).
Maait said during the conference that Egypt recorded the highest growth rate since 2008 at 6.6 percent of the gross domestic product (GDP) by the end of June 2022, compared to a global average of 3.2 percent for emerging economies.
Maait added that the unemployment rate fell to 7.2 percent in June 2022 by providing 826,000 jobs.
He stated that the budget deficit decreased from 13 percent in the fiscal year 2012/2013 to 6.1 percent of GDP in the last fiscal year, thus making the budget deficit rate, for the first time in years, lower from the average in the emerging countries.
“We were able to achieve a primary surplus for the fifth year in a row, at a value of LE 100 billion, at a rate of 1.3 percent of GDP, thus making Egypt one of the few emerging economies that achieved a primary surplus in the last fiscal year 2021/2022,” he noted.