National economic indicators recently publicized by Egyptian central bank, show that the country’s trade deficit dropped to $11,474 million during the 1999/2000 fiscal year, compared with $12,563 million for the 1998/1999 fiscal year.
The drop was recorded for both imports and exports with the total exports value dropping from $4.445 billion in 1999 to $2.012 billion in 2000, reflecting nearly 55 percent decline. Imports value fell from $16.969 billion in 1999 to $13.486 billion the following year, reflecting a 20 percent decrease.
Between the months of January and February 2001, foreign reserves showed little change, having dropped from 14.17 billion Egyptian Pound in January to EP 14.16 billion the following month. This compared to a year ago, when foreign reserves stood at EP 15.1 million.
Oil industries also experienced a slight decline during the months of February and March, with production shrinking from 655,000 barrels per day to 652,067 barrels per day. A year ago, daily output stood at 730,452 barrels.
The Central Bank reported increases in revenues from the Suez Canal as well as in the number of visitors to the country. Income from the Suez Canal rose from $146.6 million in February this year to $162.2 million in March.
The number of visitors to Egypt presently stands at 397,000 for the month of February, reflecting a 12 percent climb compared to January’s total of 355,000 tourists. This increase stands in contrast to an overall drop in the number of tourists entering the country compared to last year, when figures reached 403,000. — (MENA Report)
© 2001 Mena Report (www.menareport.com )