1 - 7 August 2002 Issue No. 597 Economy	Current issue Previous issue Site map
Published in Cairo by AL-AHRAM established in 1875		Recommend this page

Revenues down

TWO MAJOR sources of hard currency revenues declined in Financial Year (FY) 2001/2002. Suez Canal revenues dropped by 3.8 per cent compared to FY 2000/2001. Customs revenues for FY 2001/2002 were LE10.6 billion, the same as FY 2000/2001, but, well below the government's target of LE13.8 billion.

The official figures, declared this week, saw aggregate Suez Canal revenues decline by LE70 million: from LE1.95 billion in FY 2000/2001 to LE1.88 billion in FY 2001/2002. Statistics for May 2002 revealed a 10.2 per cent fall in ship numbers compared to the previous year.

This decline is a result of the post-11 September global economic slowdown and its adverse impact on the international maritime transport market. Additionally, the drop in customs revenues was caused by a decrease in imports and the signing of free trade agreements with other Arab states, according to official sources.

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