Egypt’s current account deficit jumps in April-June
Egypt’s current account deficit mushroomed in the April-June quarter to $3.83 billion from $1.09 billion a year earlier, according to calculations by Reuters based on central bank figures released on Monday.
Tourism revenues nosedived. Revenues collapsed by more than 90 percent to just $305 mn, having brought in $ 3.18 bn in 4Q FY2018-2019.
The industry came to a near standstill in the fourth quarter of the government’s fiscal year as international flights were grounded to prevent the spread of the virus.
The Tourism Ministry said last month that the sector has brought in just $ 80-150 mn each month on average this year, a 85-92 percen drop from the $1 bn average last year.
Trade deficit widens despite big fall in imports: Falling exports resulted in the trade deficit widening to $8.41 bn from USD 8.29 bn during the quarter, even as imports dropped by 12 percent to $ 13.83 bn. Exports fell almost 30 percent y-o-y to $ 5.42 bn from $7.58 bn in 4Q FY2018-2019 thanks to the global economic slowdown.