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Egypt's current account deficit shrinks to $13.2 Billion in nine months from March

Egypt's deficit in its current account decreased to $13.2 billion from $17.1 billion a year ago, according to the central bank of Egypt.

The bank attributed a slimmer deficit to a 86.6% rise in remittances sent by Egyptians who work abroad as well as an increase in the services surplus as reflected in 23% more tourism revenue.

Oil exports fell by $430.5 millions to $4.2 billion from $4.6 billion a year ago, while oil imports grew by $4.8 billion from $9.7 to $14.5 billion.

Egypt is seeking to import additional fuel oil and natural gas liquefied this year in order to meet its energy needs after experiencing blackouts due to periods of unstable gas supply over the last two years.

After Israel's air conflict with Iran, the drop in natural gas supply to Egypt has intensified concerns.

Suez Canal revenue fell to $2.6 billion from $5.8 Billion a year ago, as the Yemeni Houthis continued to attack ships in the Red Sea, causing the decline.

The Iran-aligned groups says that it attacks ships connected to Israel in order to support Palestinians in Gaza.

Egypt's tourism revenues reached $12.5 billion between July 2024 and March 2025 compared to just $10.9 billion a year ago.

The remittances of Egyptians who work abroad have increased from $14.5 billion to $26.4 billion.

Foreign direct investment reached $9.8 billion compared to $23.7.

(source: Reuters)