Egypt’s Suez Canal toll fell 7.4% between July and March of fiscal year 2023-24 to $5.8 billion from $6.2 billion as Israel’s war on Gaza expanded to include Bab el-Mandeb Strait in The Red Sea.
Net tonnage fell 15.6% to 994.5 million tons during the period, while the number of transiting ships fell 11.5%.
During the period from January to March, the proceeds of transit fees decreased by 57.2% to $959.3 million, compared to $2.2 billion in the same period last year.
Remittances of Egyptians abroad and other numbers
- Remittances from Egyptian workers abroad decreased by 17.1% between July and March of fiscal year 2023-2024 to $14.5 billion.
- The Egyptian economy’s dealings with the outside world between July and March resulted in a surplus in the balance of payments of about $4.1 billion, as it achieved a total surplus of $4.5 billion between January and March after reducing the exchange rate of the Egyptian pound against the dollar, raising interest rates, and a number of other measures.
- Net cash inflows to Egypt amounted to about $20 billion between July and March of fiscal year 2023/2024 after net foreign direct investment increased to $23.7 billion, coinciding with the transformation of investment in securities portfolios in Egypt into a net inflow of about $14.6 billion, according to the Central Bank.
- The current account deficit widened to $17.1 billion from $5.3 billion in the first nine months of FY22/23.
