World Economy

Suez Canal Revenues Down

Suez Canal Revenues DownSuez Canal Revenues Down

Egypt’s revenues from Suez Canal trade slumped in December to register $414.4 million compared to $429.2 million for the same period in the previous year, according to data from the Suez Canal Authority published on the state-run Egypt Information Portal, reported. However, December’s receipts rose compared to the month before, when the revenue hit a 21-month low, recording $389.2 million. According to EIP, 1,414 ships passed through the Egyptian waterway last month, compared to 1,366 ships passed in November of last year. The canal is the fastest shipping route between Europe and Asia and is one of the country’s main sources of foreign currency.

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