Egypt's current account fell into deficit in the second quarter, reversing a rare surplus in the same period of 2023 as imports rose and Suez Canal revenue plunged, the central bank said on Tuesday.

Egypt's current account deficit surged to $20.8 billion due to a fall in Suez Canal revenues and a widening trade deficit.

India’s current account deficit widened marginally last quarter as the nation’s trade gap increased due to higher imports and weak exports.

Egypt's current account deficit more than quadrupled to $20.8 billion in the 2023/24 fiscal year from $4.7 billion a year earlier, mostly due to an increase in the trade deficit and a fall in Suez Canal transit receipts,