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Egypt’s current account deficit narrowed significantly to $13.2 billion during the first nine months of the 2024/2025 fiscal year, down from $17.1 billion a year earlier, the Central Bank of Egypt announced on Tuesday, July 22.
This improvement was driven primarily by an 86.6% surge in remittances from Egyptians abroad, reaching $26.4 billion, and a robust 23% rise in tourism revenue, which climbed to $12.5 billion. However, the gains were partially offset by a sharp rise in oil imports and a downturn in oil exports.
Oil imports jumped to $14.5 billion from $9.7 billion as Egypt ramped up purchases of fuel oil and liquefied natural gas to mitigate power shortages. Meanwhile, oil exports declined to $4.2 billion. The ongoing conflict in the region also weighed heavily on Suez Canal revenues, which plunged to $2.6 billion from $5.8 billion due to continued Houthi attacks on Red Sea shipping lanes. Foreign direct investment, a key economic indicator, also fell significantly to $9.8 billion, from $23.7 billion in the same period last year.
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