Egypt's balance of payments deficit decreased to $518.7 million in the third quarter of 2012/13 (July-September) compared to $2.4 billion during the same period last year, the country's central bank said on Wednesday.

Transfers from Egyptians living abroad saw an increase of $839.7 million compared to the same period last year. Imports of commodities decreased by $760 million which helped narrow the current account deficit.

The trade deficit also saw also an improvement as it narrowed to $6.9 billion in the third quarter due to a 5.2 per cent decrease in imports.

The balance of payments is an accounting record of all monetary transactions between a country and other countries.