Egypt’s current account deficit decreases to $13.2 billion over the nine months ending in March

Egypt’s central bank reported on Tuesday that the country’s current account deficit decreased from $17.1 billion in the same period last year to $13.2 billion in the nine months ending in March 2025.

The bank credited the reduced deficit to a surge in the services surplus brought on by a 23% increase in tourism earnings and an 86.6% increase in remittances from Egyptians employed outside.

Oil imports rose $4.8 billion to $14.5 billion from $9.7 billion, while oil exports fell $430.5 million to $4.2 billion from $4.6 billion a year earlier.

After experiencing blackouts during periods of unstable gas supply in the previous two years, Egypt has been looking to import additional fuel oil and liquefied natural gas this year to meet its power demands.

After Israel’s natural gas supplies to Egypt decreased during Israel’s air conflict with Iran, worries grew.

Revenues from the Suez Canal fell to $2.6 billion from $5.8 billion a year earlier as the Yemeni Houthis’ attacks on ships in the Red Sea continued to hurt the crucial global commercial route.

According to the Iran-aligned outfit, it targets Israeli-affiliated ships in Gaza to aid Palestinians.

In the meantime, Egypt’s tourism-related income increased from $10.9 billion to $12.5 billion between July 2024 and March 2025.

Remittances from Egyptians employed outside rose from $14.5 billion to $26.4 billion.

Compared to $23.7 billion, foreign direct investment came to $9.8 billion.