The Central Bank of Egypt said yesterday, Thursday, that the country’s current account deficit reached $5.9 billion in the period between July and September 2024, compared to $2.8 billion in the same quarter a year ago.
Suez Canal revenues declined by 61.2% to $931.2 million in the period between July and September of last year, compared to $2.4 billion in the same period a year ago.
The Central Bank said that the number of ships passing through the canal decreased by 51%, as tensions in the Red Sea forced many shipping companies to divert their routes.
The Houthi group is targeting ships in the Red Sea region with attacks that it describes as a sign of solidarity with the Palestinians in Gaza, pushing ships away from the canal, which is one of Egypt’s main sources of revenue.
The Central Bank added:
- Remittances from Egyptians abroad contributed to compensating for the decline in the channel’s revenues, noting that remittances nearly doubled to $8.3 billion in the same period compared to $4.5 billion a year ago.
- Net foreign direct investment inflows in Egypt increased to $2.7 billion from $2.3 billion during the same period.
- Tourism revenues rose to $4.8 billion between July and September 2024 from $4.5 billion a year earlier.
