Tuesday , September 29 2020
Breaking News
Home / International Customs / Egypt (page 2)

Egypt

Egypt Central Bank sees import rules economy $20 bln in 2016

CAIRO: Egypt’s central bank Governor Tarek Amer said rules to curb what he described as unnecessary imports may save about $20 billion this year, helping to ease a foreign- exchange squeeze threatening the nation’s economic recovery. “The largest demand for foreign exchange comes from imports, so these measures are a quick fix to improve the balance of payments,” Amer said ... Read More »

Egypt may export frozen fruit, veg to Cyprus

CAIRO: According to Minister of Supply Khaled Hanafy, Egypt could benefit from Cyprus’ geographical position in order to open new export markets of food products to the EU. Frozen fruit and vegetables are being considered for exports, said Hanafy in a statement. The minister discussed exporting the Food Industries Holding Company’s products to Cyprus during his meeting with Cypriot Minister ... Read More »

Jordan decides to suspend import of potatoes from Egypt

AMMAN: Last Wednesday, Jordan decided to suspend the import of potatoes from Egypt due to them allegedly being infected with brown rot, as reported by the official spokesperson of the Ministry of Agriculture of Jordan, Nimer Haddadin. He said in a statement for “New Arab” that Jordan usually adopts such measures in the event of the appearance of diseases or ... Read More »

Procter and Gamble seizes 42% of Egypt’s paper products exports in 2015

CAIRO: Procter and Gamble (P&G) has captured 42 percent of Egypt’s paper products exports between January-November 2015 to register 999.5 million Egyptian pounds (US$127.7million), a report showed Thursday. The report, released by Chemical Export Council (CEC), showed that P&G has topped the list of paper products exporters since its exports have reached 108.7 million pounds during November 2015. The report ... Read More »

Egypt to impose import rules to shore up reserves

CAIRO: Egypt plans to impose new regulations that appear to be aimed at reducing low-quality imports in order to shore up its foreign currency reserves and protect local industries. The new regulations will require that foreign factories exporting certain items — mainly consumer goods — register with Egyptian authorities, providing documentation of their licenses and proof of inspection. The regulations ... Read More »

Egypt to apply new round of customs deductions on EU-imported cars

CAIRO: Egypt will apply a new phase of 10 per cent cuts on customs of vehicles imported from the European Union in accordance with a comprehensive EU-Egyptian trade agreement, sources at the Cairo airport customs said on Saturday. “These reductions will be applied upon the arrivals of the owners of modern European cars in all the Egyptians ports and airports,” ... Read More »

Egypt tourism in meltdown as British airlines refuse to fly

CAIRO: Egypt is facing economic misery after British tourists stopped flying to Sharm el-Sheikh. The resort shows no sign of recovering after a Russian holiday jet crashed, killing all 224 passengers, in October, in what was almost certainly a terrorist bomb attack. Egyptian authorities, anxious to maintain desperately needed income from visitors, have been reluctant to admit to any ongoing ... Read More »

Egypt signs $500m agreement with African Export-Import Bank

CAIRO: Egypt signed a $500 million agreement with the African Export-Import (AFREXIM) Bank to fund the country’s exports to African countries, said Tarek Kabil, minister of industry and foreign trade in a press release. The Cairo-based Bank had proposed last month to arrange a facility of up to $1 billion, underwriting $500 million of the amount, for the country’s central ... Read More »

African Export-Import Bank provides $500m funds to facilitate trade

CAIRO: The African Export-Import Bank (Afreximbank) will provide $500m in funding to facilitate trade between Egypt and other African member countries of the bank, according to the Minister of Industry and Foreign Trade Tarek Qabil. Qabil said the funding represents a great opportunity for Egyptian exporters and investors in the African market to increase their exports and investments among the ... Read More »

Egypt’s central bank provides $8.3b for imports, investors

CAIRO: Egypt’s central bank and banking sector provided $8.3 billion for imports and investors in recent weeks, Central Bank Governor Tarek Amer told reporters on Thursday. He denied that Egypt is struggling to pay for US dollar-priced oil product and liquefied natural gas (LNG) imports. The Arab world’s most populous state, which depends on imports for food and energy, has ... Read More »

Egypt’s central bank tightens import controls to boost local outputs

CAIRO: Egypt’s central bank will tighten import regulations from January in a bid to support local manufacturing and better preserve its dwindling foreign currency reserves. Egypt, which depends on imports, has faced a currency crisis since a 2011 uprising drove foreign investors and tourists away. Hard currency reserves have more than halved $16.4 billion since then. The decision excludes imports ... Read More »

EGAS decreases gas imports to 700m cubic feet per day

CAIRO: The Egyptian Natural Gas Holding Company (EGAS) has decreased gas imports to approximately 700m cubic feet per day from the 1bn feet per day that it imported throughout November. The measure is a response to the decline in domestic consumption. A senior official at EGAS told Daily News Egypt that domestic consumption of gas has fallen to an estimated ... Read More »

Egypt’s tourism revenues expected to grow $8b in 2016

SHARJAH: Egypt’s tourism revenues are expected to grow to between $7.5 and $8 billion next year, as the country works on restoring tourists’ confidence, the country’s Tourism Minister, Hisham Zaazou, said on Wednesday. Speaking to reporters on the sidelines of the Arab Ministerial Council for Tourism in Sharjah, Zaazou said tourism revenues are expected to reach between $6 billion and ... Read More »

Egypt’s central bank inserts foreign currency liquidity in banking system

CAIRO: Egypt’s central bank sold between $750 million (Dh349.85 billion) and $1 billion in an exceptional dollar auction on Sunday, the head of the Egyptian Federation of Industries Mohammad Al Suwaidi said on Tuesday. Egypt’s central bank injected the foreign currency liquidity into the banking system on Sunday in a surprise operation, the latest in a series of steps aimed ... Read More »

Egypt authorities arrest man with archaeological currencies

CAIRO: Cairo Airport thwarted the smuggling attempt of 177 Egyptian, Libyan, Saudi and Iraqi archaeological currencies by an Egyptian passenger here the other day. The passenger was heading to Ta’if, Saudi Arabia. A security source said during a press statement that airport security had suspicions about the passenger’s luggage. Upon searching the bags, security authorities found 177 archaeological currencies from ... Read More »

Egypt boosts crude oil imports from Kuwait

CAIRO: Kuwait Petroleum Corporation has agreed to supply Egypt with about 500,000 barrels of crude oil per month, to be refined by Egyptian refining factories and converted into petroleum products for the domestic market. A senior official at the Egyptian General Petroleum Corporation (EGPC) told Daily News Egypt that the quantity of Kuwaiti crude imported into Egypt will increase to ... Read More »

Egypt exports to East Asia amount EGP24.7b during 2014

CAIRO: Egypt’s total value of exports to East Asian countries amounted to EGP24.7 billion in 2014, compared with EGP31.2bn in 2013, recent statistics reveal. This represents a decline by 20.9 per cent, according to the annual bulletin issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) about the trade exchange between Egypt and the most important countries of ... Read More »

Egyptian market show increase in car prices, customs tariffs

CAIRO: There is a major discrepancy between the value of car prices sold in the Egyptian market and their prices in their origin markets observed in its monitoring of car prices and customs tariffs. DNE monitored the prices of a number of cars’ 2016 models, which have been offered in the local market and compared their local prices with the ... Read More »

Egypt: Customs tariffs significantly increase in car prices

CAIRO: There is a major discrepancy between the value of car prices sold in the Egyptian market and their prices in their origin markets, media observed in its monitoring of car prices and customs tariffs. DNE monitored the prices of a number of cars’ 2016 models, which have been offered in the local market and compared their local prices with ... Read More »

Petroleum exports drop by 38% while imports surge by 4.7%: report

CAIRO: Exports of petroleum products have notably declined in August, dropping by 38% to reach $310.2m in comparison to $500.6m during the corresponding period last year. The Central Agency for Public Mobilisation and Statistics (CAPMAS) reported that petroleum imports increased during the same month to reach 920.5m tonnes, compared to 879.4m tonnes. Petroleum production in September decreased year-on-year (YoY) to ... Read More »