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Suez Canal revenues down 7.4%, migrant remittances down | Economy

manhattantribune.com by manhattantribune.com
8 July 2024
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Suez Canal revenues down 7.4%, migrant remittances down | Economy
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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.

Suez Canal revenues declined in the first nine months of the last fiscal year (Suez Canal Media Office)

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.
Tags: CanaleconomymigrantRemittancesrevenuesSuez
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