The Central Bank of Egypt announced on Tuesday that the country’s current account deficit declined to $2.2 billion in the period from April to June 2025, compared to $3.7 billion in the same period last year.

The bank attributed this slight deficit in the fiscal year 2024-2025 to increased remittances from Egyptians working abroad and higher tourism revenues.

Remittances from Egyptians abroad, a major source of foreign currency, rose to $10.1 billion from $7.4 billion in the comparison period.

Suez Canal revenues, also a key source of foreign currency, increased to $1 billion this quarter from $800 million. This increase is marginal amid ongoing attacks on ships in the Red Sea from Yemen, which have disrupted navigation through the vital waterway.

Oil export values rose slightly to $1.4 billion from $1.1 billion the previous year, while the value of imported petroleum products increased to $500 million from $400 million.

Egypt increased its imports of fuel oil and liquefied natural gas this year to meet electricity demand after gas supply disruptions caused power outages over the past two years.

Local gas production has declined since 2022, hindering Egypt’s ambitions to become a regional supply hub.

Meanwhile, foreign direct investment (FDI) fell to $2.4 billion from $22.4 billion the previous year. The bank noted that FDI had surged last year due to “exceptional inflows of about $35 billion related to the implementation of the Ras Al-Hikma project.”

The Central Bank said tourism revenues in Egypt reached $4.2 billion in the last quarter of the 2024-2025 fiscal year compared to $3.5 billion the previous year.

The Egyptian Ministry of Tourism says the tourism sector has strongly recovered from the impact of the COVID-19 pandemic, with visitor numbers reaching 15.7 million in 2024.