Egypt nets $2.3bln from Suez Canal in 7 months
Tax and non-tax proceeds from Egypt’s Suez Canal fell by 4.7% year-on-year (YoY) to EGP 35.91 billion during the first seven months of fiscal year 2019/2020, compared to EGP 37.7 billion.
Taxes on Suez Canal’s earnings reached EGP 18.8 billion from July 2019 to last January, compared to EGP 19.4 billion in the year-ago period, according to recent data released by the Ministry of Finance.
Meanwhile, non-tax proceeds from Suez Canal retreated to EGP 17.11 billion in the seven-month period from EGP 18.3 billion in the corresponding period in FY18/19.
The drop in proceeds from Suez Canal was ascribed to the recent appreciation of the Egyptian pound against the US dollar and a slowdown in international trade growth.
It is noteworthy to mention that Egypt’s total revenues increased to EGP 473.42 billion in the July-January period from EGP 459.05 billion in the prior-year period.