Egypt's revenues from tourism, Suez Canal, FDI up in Q1 of new fiscal year

Source: Xinhua| 2019-12-26 18:41:27|Editor: Shi Yinglun
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CAIRO, Dec. 26 (Xinhua) -- Egypt's revenues generated from tourism, the Suez Canal and the foreign direct investment (FDI) posted an increase in the first quarter of the fiscal year 2019-2020, the Central Bank of Egypt said Thursday.

The fiscal year in Egypt starts in July.

Tourism revenues reached 4.2 billion U.S. dollars from July to September against 3.9 billion dollars in the same months in 2018-2019 fiscal year.

The Suez Canal's tariffs of passage rose by 66.1 million dollars to 1.5 billion dollars, while net inflows of FDI in Egypt recorded 2.4 billion dollars compared to 1.4 billion dollars last year.

The bank attributed the rise in the net inflows of FDI to the increase in net inflows of greenfield and oil sector investments.

The non-oil trade balance deficit declined by 1 billion dollars, registering 8.2 billion dollars in the first quarter compared to 9.2 billion dollars in the previous year.

But the oil trade deficit stabilized at 606.2 million dollars because of the decline in oil exports from 2.8 million dollars to 2.4 million dollars as a result of the drop in the exports of crude oil and oil products, despite the increase in the exports of natural gas.