The Egyptian Ministry of Finance announced on Friday that the value of imported goods that have been released has reached more than $ 8 billion, since the first of last March until now.

The announcement comes within the framework of the government’s efforts to facilitate import operations and enhance the volume of goods supply in the markets, by accelerating the procedures for the immediate customs release of goods and commodities at all ports.

Finance Minister Mohamed Maait stressed the need to confront any import practices that caused the accumulation of goods in the ports, noting that the customs authorities decided to refer the accumulated goods in the ports without legal justifications to the “negligent”, and to take appropriate legal measures about them.
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Egypt’s Finance Minister Mohamed Maait revealed that the government estimates that Suez Canal revenues will decline by 60% due to ongoing tensions in the Red Sea.

The Egyptian minister’s remarks came during his participation in the economic policy-making conference held in Cairo, as the Red Sea crisis entered its seventh month.

Maait pointed out that the crisis in the Red Sea, in addition to the slowdown in economic activity, the decline in trade and the restrictive policies imposed to deal with the effects of global inflationary crises, negatively affect Egypt’s tax and non-tax revenues.

Egypt’s planning minister, Hala al-Said, announced last month that Suez Canal revenues had fallen by 50 percent as a result of tensions in the Red Sea.

The Suez Canal is one of the most important sea lanes in the world, connecting Europe and Asia and is a major source of hard currency for Egypt.

In the fiscal year 2022-2023, the channel recorded revenues of $ 9.4 billion, the highest annual level recorded, an increase of 35% over the previous year.

The International Monetary Fund  also announced in March that the volume of trade through the Suez Canal fell by 50% during the first two months of 2024 due to attacks in the Red Sea.

International trade has been disrupted in recent months as a result of disruptions in this vital sea lane, through which about 15% of global maritime trade passes.

This led some shipping companies to change routes from the Red Sea and Suez Canal to the Cape of Good Hope, increasing delivery times by 10 days or more.
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Egypt announced urgent measures to import additional quantities of gas and diesel, as a result of increasing consumption in light of rising temperatures.

The Ministries of Electricity and Petroleum announced in a joint statement the continuation of the plan to reduce electricity loads, which began on Sunday, by increasing an additional hour to three hours per day until the end of this week.

The two ministries attributed this step to the necessity of maintaining the safe and stable operation of the gas network and electricity production stations, and they apologized to the Egyptians for the interruptions.

The statement explained that the severe rise in temperatures above normal levels for this period requires an increase in the period of reducing loads, indicating that this rise affects many countries in the region.
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