Egypt’s current account deficit has narrowed by 65.7% year-on-year in the first quarter of FY2017-18, Invest-Gate reports.

Current account deficit reached USD 1.6 bn in Q1 of FY2017-18, compared to USD 4.8 bn in the same period of FY2016-17, the central bank said in a statement on Sunday.

The trade deficit fell by 5.0% year-on-year to USD 8.9 bn in Q1 of FY2017-18 from USD 9.4 bn, due to the rise in merchandise exports by USD 578.0 mn, while merchandise imports rose by USD 103.7 mn.

The overall balance of payments (BOP) was in surplus, reaching USD 5.1 bn in Q1 of FY2017-18 compared to USD 1.9 bn in the same period a year earlier.