Pre-Trading Thoughts

The government reviewed the performance of the FY2021/22 budget. Primary surplus recorded 1.3%, while the overall deficit recorded 6.1% down from the 6.8% in FY2020/21. The Suez Canal recorded its highest ever annual revenues in FY2021/22, recording USD7 billion, up from USD5.8 billion in the previous fiscal year. Egypt's exports increased during 1Q2022 by 44.3% to reach USD14 billion. However, the non-oil trade deficit increased by 23% to USD12.1 billion during the comparison period, as impo...