Update Egypt’s top business news on June 22: Egypt’s exports to U.S declines by 8 % in 2015- CAPMAS; Egypt’s local wheat purchases thrown into question amid fraud allegations
Building of Central Agency for Public Mobilization and Statistics (CAPMAS) - YOUM7 (Archive)
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 CAIRO: No more browsing from site to site, view the top business news stories on June 22 here:

 

Egypt’s exports to U.S declines by 8% in 2015: CAPMAS

Egyptian exports to the United States reached 8.4 billion EGP ($946 million) in 2015 compared to 9.1 billion EGP (around $1 billion) in 2014, with a decrease rate of 8.0 percent, announced the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) Wednesday.

Egypt’s local wheat purchases thrown into question amid fraud allegations

(Reuters) – Egypt has launched a government-led recount of its wheat silos after an unusually high procurement figure spurred widespread fraud allegations from top industry officials, traders and parliamentarians.

Egypt said last week that in the latest procurement season it bought nearly 5 million tonnes of local wheat from its farmers, the second highest figure on record and well above the 3-3.5 million tonnes per year farmers had delivered in the past decade.

 

MIDEAST STOCKS-Gulf mixed before Brexit vote, Egypt resumes downtrend

(Reuters)- Gulf stock markets were mixed in narrow ranges and moderate volumes on Wednesday, with investors cautious before Britain’s European Union referendum. Egypt resumed sliding after it broke major technical support earlier this week.

 

Egypt’s budget deficit reaches 9.8 % in 1st 10 months of 2015-2016 FY: statement

Egypt’s budget deficit reached 9.8 percent of gross domestic product in the first 10 months of the fiscal year 2015-2016, up from 9.5 percent during the same period last financial year; Youm7 quoted a statement from the finance ministry on Tuesday.

The budget deficit stood at 273 billion EGP (around $30.7 billion) during the period July 2015-April 2016 up from 231 billion EGP in the same period a year ago, according to the statement.

5% increase in Egypt’s agricultural exports in 5 months

Egypt agricultural exports during the first five months of 2016 increased by five percent compared to the same period last year, Youm7 quoted Chairman of the Egyptian Agriculture Export Council Mostafa Al Naggary.

Egypt allows wheat shipment with 0.05% of ergot fungus: PM

Egypt’s agricultural quarantine authority will allow wheat shipments with up to 0.05 percent levels of ergot fungus as a maximum, Prime Minister Sherif Ismail announced in a statement Tuesday.

The issue will be discussed during the weekly cabinet meeting on Wednesday.

Egypt tax revenue increases by 1 % in 10 months

Egypt has collected 243.8 billion EGP (around $27 billion) in tax revenues during the period from July, 1, 2015 to April, 30, 2016 up from 239.1 b during the same period a year earlier, State news agency Mena quoted the Finance Ministry report on Wednesday.

In its report, the ministry attributed the increase to the tax reform policies that have been applied in 2015.

Egypt’s net foreign direct investments reach $3.1 b in 6 months: minister

Egypt’s net foreign direct investments (FDI) during the past six months stood at 3.1 billion EGP (about %348 million,) Youm7 quoted Investment Minister Dalia Khourshid Wednesday.

In Sep., the Central Bank of Egypt announced FDI rose by 54.6 percent in the fiscal year ending 30 June 2015 to stand at $6.37 billion, their highest since the 2011 revolution.

 

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