{"id":683105,"date":"2026-01-25T00:00:00","date_gmt":"2026-01-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=683105"},"modified":"2026-01-25T03:59:15","modified_gmt":"2026-01-25T03:59:15","slug":"egyptian-expats-are-doing-the-heavy-lifting-for-the-current-account","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/25\/egyptian-expats-are-doing-the-heavy-lifting-for-the-current-account\/","title":{"rendered":"Egyptian expats are doing the heavy lifting for the current account"},"content":{"rendered":"

Egypt\u2019s current account deficit narrowed by a significant 45.2% y-o-y to USD <\/strong>3.2 bn in 1Q FY 2025-26<\/strong>, down from USD 5.9 bn a year earlier, according to recently released figures (pdf)<\/a> from the Central Bank of Egypt. The uptick was driven by a near 30% y-o-y rise in remittances to over USD 10 bn and an increase in the services surplus on the back of tourism and Suez Canal revenues.<\/p>\n

But while the current account healed, the balance of payment deficit widened 61.4% to <\/strong>USD 1.6 bn<\/strong>, up from USD 991.2 mn a year earlier. Driving the disparity was not capital flight, but local banks restocking local currency buffers. The USD 3.8 bn of inflows recorded in the three-month period last year were replaced by a USD 366.5 mn outflow at the start of this fiscal year as banks increased their foreign assets by USD 5.3 bn.<\/p>\n

Why it's important: <\/strong>Remittances have never been more important to the country\u2019s economic health, with the USD 10.8 bn (up 29.8% y-o-y) sent from workers abroad in the first quarter of the fiscal year \u2014 nearly double the USD 5.5 bn from tourism (up 13.8% y-o-y) and ten times the USD 1.1 bn brought in by the Suez Canal (12.4%).<\/p>\n

Despite the Suez Canal still having a way to go on its recovery, \u201cthis is the highest <\/strong>quarterly revenue since the <\/strong>outbreak of the crisis<\/strong>, surpassing the USD 1 bn mark for the first time during this period,\u201d Thndr\u2019s Esraa Ahmed tells EnterpriseAM. This represents \u201can encouraging development reflecting a relative improvement in shipping traffic,\u201d she added.<\/p>\n

The non-oil trade deficit also narrowed 4.0% to USD 9.5 bn<\/strong>, supported by a USD 1.9 bn jump in export proceeds to USD 9.8 bn \u2014 concentrated in gold, electronics, agricultural products, and ready-made garments \u2014 that helped outweigh a smaller USD 1.5 bn increase in non-oil imports to USD 19.3 billion.<\/p>\n

But energy import costs are increasing their strain on the deficit<\/strong>, with the oil trade deficit up nearly USD 1 bn to USD 5.2 billion as oil imports rose USD 1.0 bn to USD 6.4 bn. In contrast, oil exports inched up only USD 63.6 mn to USD 1.3 bn as oil product and natural gas exports slightly outpaced a fall in crude exports.<\/p>\n

The investment income deficit also weighed down the headline figure<\/strong>, rising 2.3% over the period to USD 4.4 bn as interest payments and transfers outpaced investment returns from abroad. The rate of foreign investment also slowed, coming in at USD 2.4 bn for the quarter, down from USD 2.7 bn the year before. \u201cFDI came in at its usual average levels during periods that do not witness major transactions, exits, or exceptional investments, with no unusual inflows recorded,\u201d Ahmed said.<\/p>\n","protected":false},"excerpt":{"rendered":"

While the current account healed, the balance of payment deficit widened 61.4% to USD 1.6 bn as banks restocked local currency buffers<\/p>\n","protected":false},"author":1,"featured_media":683106,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[271,104,72,955,2396,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-683105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-hospitality","tag-remittances","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"39e2dfcd-87be-484d-83d6-c6ede02f8f7b","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/383.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian expats are doing the heavy lifting for the current account, as remittances outpace tourism 2x and Suez Canal receipts 10x","related_issue":[683095],"teaser":"While the current account healed, the balance of payment deficit widened 61.4% to USD 1.6 bn as banks restocked local currency buffers"},"yoast_head":"\nEgyptian expats are doing the heavy lifting for the current account - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/25\/egyptian-expats-are-doing-the-heavy-lifting-for-the-current-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian expats are doing the heavy lifting for the current account\" \/>\n<meta property=\"og:description\" content=\"While the current account healed, the balance of payment 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/265.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545903,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/","url_meta":{"origin":683105,"position":3},"title":"Current account deficit narrows in 2Q 2021-2022","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"Egypt\u2019s current account deficit narrowed to USD 3.8 bn in 2Q 2021-2022, from USD4.8 bn in the same period last year, calculating on the basis of central bank figures (pdf) released Thursday. The deficit also narrowed 5% on a quarterly basis from USD 4 bn in 1Q.Thank tourism revenues and\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/287.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/","url_meta":{"origin":683105,"position":4},"title":"Rising remittances curb current account deficit in 3Q2019-2020","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Rising remittances curb current account deficit in 3Q2019-2020: A rise in foreign remittances helped Egypt\u2019s current account shrug off the effects of the covid-19 pandemic during 3Q FY2019-2020, narrowing the deficit markedly to USD 2.8 bn from USD 4.5 bn a year earlier, according to official data (pdf) released by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592101,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/egypts-current-account-deficit-narrows-fdi-more-than-doubles-in-1q2019-2020\/","url_meta":{"origin":683105,"position":5},"title":"Egypt\u2019s current account deficit narrows, FDI more than doubles in 1Q2019-2020","author":"enterpriseam admin","date":"26 December 2019","format":false,"excerpt":"Current account deficit narrows, FDI more than doubles in 1Q2019-2020: The current account deficit decreased 31% y-oy in the first quarter of the government\u2019s new fiscal year to USD 1.382 bn from USD 2.012 bn the previous year, according to a central bank report (pdf). The non-oil trade deficit also\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/683105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=683105"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/683105\/revisions"}],"predecessor-version":[{"id":683149,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/683105\/revisions\/683149"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/683095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/683106"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=683105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=683105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=683105"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=683105"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=683105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}