Suez Canal revenue drops to $408.4 million in November

Egypt’s Suez Canal revenue fell in November to $408.4 million from $449.2 million in October, data on the Suez Canal Authority’s website showed on Wednesday.

The canal is the fastest shipping route between Europe and Asia and is one of the country’s main sources of foreign currency.

Revenues from the canal have dropped every month following the inauguration of the new water lane in August, prompting the canal authority to prepare a report on the reasons for the decline, business daily Al-Borsa had quoted the Head of Suez Canal Mohab Mamish in October.

The ongoing slow down in the global economy has driven down revenues from the Suez Canal, one of Egypt’s main sources of foreign currency, Mamish,  told the business daily Al-Borsa at the time.

Egyptian authorities predicted that the expansion would boost annual revenues from the canal from $5.3 billion in 2014 to $13.2 billion in 2023, but experts said this was not in line with global trade growth forecasts.

The November revenue was the lowest since February.

source: Reuters