Egypt's current account deficit widens as oil imports surge

Egypt's current‑account gap more than doubled in the January‑March quarter, reaching $5.1 billion versus $2.3 billion a year earlier. The widening was driven primarily by higher oil imports, which rose to $5.7 billion from $4.8 billion, while export earnings grew only modestly. Remittances, tourism revenue and Suez Canal receipts all increased year‑on‑year but could not offset the trade shortfall.

For the July‑March period of fiscal year 2025/26, the Central Bank of Egypt reported that the overall balance‑of‑payments deficit narrowed 2.9 % to $1.8 billion, helped by stronger foreign‑direct investment inflows, a 32 % jump in workers’ remittances and higher tourism and canal revenues. Portfolio investment, however, recorded a net outflow of $4.4 billion. Over the nine‑month span, the current‑account deficit expanded to $14.6 billion as the merchandise trade gap widened, with non‑oil imports up 15.6 % and the oil trade deficit growing 26.8 % to $13.1 billion.