Key facts
- Egypt's current account deficit widened to $5.1 billion in January-March from $2.3 billion a year earlier.
- Remittances from Egyptians working abroad rose to $12.8 billion.
- Tourism revenue increased to $4.2 billion.
- Suez Canal revenues rose to $1 billion.
- Oil imports increased to $5.7 billion.
- Egypt's current account deficit narrowed to $2.1 billion in January-March 2025 from $7.5 billion a year earlier, according to a separate report.
Egypt's current account deficit widened to $5.1 billion in the January-March quarter from $2.3 billion a year earlier, according to central bank data. This widening was primarily attributed to a larger merchandise trade deficit, though it was partially offset by increased remittances, tourism revenue, and Suez Canal receipts.
Remittances from Egyptians working abroad saw a significant rise to $12.8 billion, up from $9.3 billion in the same period last year. Tourism revenue also increased to $4.2 billion from $3.8 billion, and Suez Canal revenues grew to $1 billion from $800 million.
However, oil imports rose to $5.7 billion from $4.8 billion, while exports saw a slight increase to $1.6 billion from $1.2 billion. Net foreign direct investment inflows edged down to $3.7 billion from $3.8 billion.
An additional report indicated that Egypt's current account deficit narrowed to $2.1 billion in January-March 2025 from $7.5 billion in the same period a year earlier. This report attributed the slimmer deficit to increased remittances and a rise in the services surplus due to higher tourism revenue. It noted that oil exports declined to $1.2 billion while imports of oil products rose to $4.8 billion. Suez Canal revenues reportedly declined to $0.8 billion, and tourism revenues reached $3.8 billion, with remittances increasing to $9.3 billion. Foreign direct investment stood at $3.8 billion.