Economic Indicators

Egypt’s current account deficit quadruples, central bank says

2024.10.01 05:54

CAIRO (Reuters) – Egypt’s current account deficit more than quadrupled to $20.8 billion in the 2023/24 fiscal year from $4.7 billion a year earlier, mostly due to an increase in the trade deficit and a fall in Suez Canal transit receipts, the central bank said on Tuesday.

The country’s Suez Canal revenues declined to $6.6 billion from $8.8 billion the previous year, it said in a statement.

The decline came mainly during the second half of the 2023/24 fiscal year with revenues decreasing by 61.7% to just $1.8 billion. Egypt’s fiscal year runs from July 1 to June 30.

“Such a decrease is due to the Red Sea maritime traffic disruptions which forced several commercial shipping companies to divert their shipping routes,” the central bank said.

© Reuters. A man walks in front of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt August 6, 2024. REUTERS/Amr Abdallah Dalsh/File Photo

The Iran-backed Houthis, who control Yemen’s most populous regions, have been attacking vessels in the Red Sea region in what they describe as acts of solidarity with Palestinians in the Israel-Hamas war in Gaza.

Meanwhile, Egypt’s net foreign direct investments inflows jumped to $46.1 billion from $10 billion the previous year, remittances from Egyptian workers abroad slipped to $21.9 billion from $22.1 billion and tourism revenues saw a slight increase to $14.4 billion from $13.6 billion a year earlier.



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