CAIRO (Reuters) - Egypt's current account deficit more than tripled to $17.1 billion in the first nine months of fiscal 2023/24 compared to $5.3 billion a year earlier as oil exports plunged by $7.2 billion to $4.6 billion, the central bank said on Monday.
Meanwhile, imports of oil products rose by $1.5 billion and those of natural gas rose by $268.2 million in the July-March period, as the North African country grapples with power shortages while a heatwave drives up demand for cooling.
Suez Canal revenues declined to $5.8 billion in the July-March period compared with $6.2 billion in the same period the previous year.
The decline came during Jan-March 2024 with revenues decreasing by 57.2 percent to $959.3 million against $2.2 billion in the corresponding period a year earlier, the central bank said.
"This decrease stemmed primarily from the Red Sea (NYSE:SE) maritime traffic disruptions which forced several commercial shipping companies to divert their shipping routes," the central bank added in its report.
The Iran-backed Houthis, who control Yemen's most populous regions, have been attacking vessels in the Red Sea region in what they describe as acts of solidarity with Palestinians in the Israel-Hamas war in Gaza.
Egypt's net foreign direct investments inflows tripled to $23.7 billion from $7.9 billion in the same period a year earlier.
While remittances from Egyptian workers abroad decreased to $14.5 billion from $17.5 billion, tourism revenues saw a slight increase to $10.9 billion from 10.3 billion a year earlier.
Egypt's fiscal year ends June 30.