DUBAI: Egypt’s current account deficit narrowed to $13.2 billion in the nine months through March 2025, from $17.1 billion in the same period a year earlier, Egypt’s central bank said on Tuesday.
The bank attributed the slimmer deficit to an 86.6 percent increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to 23 percent higher tourism revenue.
Oil exports declined by $430.5 million to $4.2 billion, from $4.6 a year earlier, while oil imports increased by $1.2 billion to $14.5 billion, from $9.7 billion.
Egypt has been seeking to import more fuel oil and liquefied natural gas this year to meet its power demands after enduring blackouts during periods of shaky gas supply in the past two years.
Concerns intensified after the supply of natural gas from Israel to Egypt dropped during Israel’s air war with Iran.
Suez Canal revenues declined to $2.6 billion, from $5.8 billion in a year earlier, as revenue from the vital global trade route continued to suffer because of Yemeni Houthis’ attacks on ships in the Red Sea.
The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.
Meanwhile, Egypt’s tourism revenue reached $12.5 billion from July 2024 through March 2025, compared to $10.9 billion in the same period a year earlier.
Remittances from Egyptians working abroad increased to $26.4 billion, from $14.5 billion.
Foreign direct investment hit $9.8 billion, compared to $23.7 billion.
