Total proceeds of foreign exchange amounted to EGP 1.5088tn 2015/2016, compared to EGP 901.5bn in 2014/2015—an increase of 67.4%—according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) recent annual bulletin on collection and payment of foreign exchange in 2015/2016.
CAPMAS attributed the increase to increased receipts from goods exports and private transfers without charge.
Meanwhile, the total payments amounted to EGP 1.0114tn in 2015/2016, compared to EGP 824.8bn in 2014/2015—an increase of 22.6%—due to the increase in payment transfers, direct investment, and current transfers without special charge.
Moreover, the report stated that proceeds from World Trade Organization countries amounted to EGP 1.2516tn in 2015/2016, compared with EGP 713bn in 2014/2015, an increase of 75.6%, due to the increased receipts from France, Germany, and the United Kingdom.
On the other hand, the payments amounted to EGP 954.4bn in 2015/2016 compared to EGP 666.5bn in 2014/2015—an increase of 43.2%—on the back of an increase in payments to the Netherlands, the United Kingdom, and Saudi Arabia.
In addition, the report noted that proceeds from the countries of the Arab Free Trade Area amounted to EGP 673bn in 2015/2016 compared to EGP 407.2bn in 2014/2015—an increase of 65.3%. CAPMAS attributed that increase to increased intakes from Saudi Arabia, Jordan, and the United Arab Emirates. Payments, on the other hand, amounted to EGP 195.5bn in 2015/2016, compared to EGP 163.1bn in 2014/2015—an increase of 19.9%.
As for the proceeds and payments in economic blocs in which Egypt is not a member, CAPMAS stated that proceeds from the European Union (EU) amounted to EGP 269.3bn in 2015/2016, compared to EGP 135.4bn in 2014/2015—an increase of 98.9%—due to the increased intakes from Luxembourg, Ireland, and Spain.
Payments to EU countries amounted to EGP 361.5bn in 2015/2016, compared to EGP 225.6bn in 2014/2015—an increase of 60.2%—on the back of an increase in payments to the Netherlands, Ireland, and Greece.
Furthermore, proceeds from Southeast Asian countries amounted to EGP 15.9bn in 2015/2016 compared to EGP 7.1bn in 2014/2015—an increase of 124%—due to the increased proceeds from Indonesia, the Philippines, and Singapore.
The payments to these countries amounted to EGP 32.3bn in 2015/2016, compared to EGP 21.7bn in 2014/2015—an increase of 49.0%—due to the increased payments in Vietnam and the Philippines.