Record remittances buffer Egypt against rising FY 2025/26 imports

Remittances from Egyptians working abroad grew by 29.6% in FY 2025/2026 compared with the previous fiscal year, curbing the negative impact of rising imports on the current account deficit, according to balance of payments data released by the Central Bank of Egypt on Monday.

The current account deficit expanded in 2025/26 to about $22.5 billion, up from roughly $15.4 billion in the prior fiscal year, representing an increase of around $7 billion driven by higher import payments.

Egyptian imports surpassed $108 billion during the fiscal year ending last June, representing an increase of nearly 19% over the previous year. This growth was driven by a rise in non-petroleum imports to $83.9 billion and petroleum imports to about $24.9 billion, resulting from higher imported quantities, according to the Central Bank’s statement.

Egypt needs to import about 2 billion cubic feet (bcf) of natural gas per day to cover local demand, bridging the gap between daily production of 4.2 bcf and daily consumption of 6.2 bcf.

According to the central bank, remittances from Egyptians abroad rose by nearly $10.8 billion during 2025/26, reaching approximately $47.3 billion, compared with about $36.5 billion in the preceding fiscal year. 

Tourism revenues also improved during the period to reach $18.4 billion, up from $16.7 billion the previous year, while Suez Canal transit receipts rose by 21.6% to record $4.4 billion, against $3.6 billion the year before.