Egypt’s current account deficit surges in July to September 2024

Egypt’s central bank said on January 16th that the country’s current account deficit more than doubled to $5.9 billion in July-September 2024, compared with $2.8 billion in the year-ago quarter, as Suez Canal revenues remain low, reported Reuters.

Suez Canal revenues dropped 61.2% to $931.2 million in the fiscal first quarter, which began July 1st, from $2.4 billion in the year-ago period.

The number of ships passing through the canal dropped 51% as Red Sea tensions including attacks on shipping by the Ansar Allah group, known as the Houthis, in solidarity with Palestinians in Gaza forced several shipping companies to divert their journeys, the central bank added.