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Overall deficit of the Egyptian economy's balance of payment yawned to hit $11.3 billion during fiscal year 2011-1012 against $9.8 billion the previous FY, lowering net reserves of the Central Bank of Egypt (CBE). The trade balance deficit grew to reach $31.7 billion during FY 2011-2012 against $27.1 billion the previous year, according to a report by CBE. The trade balance deficit was caused by growing payments for commodity imports by 8.5% to register $58.7 billion against $54.1 billion in FY 2010-2011 while exports retained their previous levels at $27 billion.
The service balance surplus continued to plummet to settle at $5.4 billion in FY 2011-2012, driven by lower revenues from tourism from $10.6 billion in 2010-2011 to $9.4 billion in 2011-2012. Foreign direct investment (FDIs) achieved an inflow of $2.1 billion against $2.2 billion while investments in the petroleum sector achieved a net outflow of $1.8 this year against $191.3 million last year, according to the CBE report.
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