Egypt's current account deficit widened to $17.1 billion in the first nine months of the 2023-2024 fiscal year, compared to $5.3 billion in the same period a year ago, with oil exports declining by $7.2 billion to $4.6 billion, according to official data from the Central Bank of Egypt.
The Central Bank reported in a statement that imports of petroleum products rose by $1.5 billion and natural gas imports by $268.2 million in the period from July to March, at a time when Egypt resorts to cutting off electricity repeatedly due to high consumption amid waves of extremely hot weather.
Suez Canal revenues fell to $5.8 billion in the period from July to March 2023-2024, compared to $6.2 billion in the same period a year ago.
The statement explained that the decrease came during the period from January to March, as “the toll from traffic fees in the Suez Canal decreased by 57.2 percent to record about 959.3 million dollars, compared to about 2.2 billion dollars during the corresponding period of the previous year.”
He added, "This decrease is mainly due to the tensions witnessed in shipping traffic in the Red Sea, which forced many commercial shipping companies to divert their course."
The Houthi group in Yemen, which controls the most densely populated areas in Yemen, attacks ships in the Red Sea region in what it says is solidarity with the Palestinians in Gaza.
The statement indicated that foreign direct investments tripled to about $23.7 billion from $7.9 billion a year ago.
Remittances from Egyptians working abroad decreased to $14.5 billion from $17.5 billion, while tourism revenues witnessed a slight increase to $10.9 billion from $10.3 billion during the same period a year ago.
Egypt's fiscal year ends on June 30.
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