News

Egypt’s Suez Canal Revenues Reach $477.1 Million in July

Egypt’s Suez Canal Revenues Reach $477.1 Million in July

Egypt’s New Suez Canal saw the passage of three container ships on its first day of trials. Source: Shutterstock

Egypt’s revenues from Suez Canal trade rose to $US 447.1 million in July, compared to $US 427 million in June, according to data from the Suez Canal Authority published by the state-run Egypt Information Portal (EIP).

In May, the Suez Canal recorded $US 439 million. According to the EIP, 1,453 ships passed through the Egyptian waterway in July compared to 1,384 the month before.

Transit activity rose since the canal expansion was completed. A total of 7294 ships passed through the waterway between March and July, which is 4 percent more than 2016 records of the same period, according to a press release by the Canal’s authority.

The canal is one of Egypt’s main sources of foreign currency. Revenues of the canal have been under scrutiny by many in Egypt since the construction of the ‘new Suez Canal’ which expanded the Canal.

The much-anticipated expansion of the Suez Canal promised by President Abdel Fattah Al-Sisi in 2014, was inaugurated a year later in a lavish ceremony attended by leaders from around the world and high-profile figures from Egyptian society.

While the Egyptian leader proclaimed that the new Canal would more than double annual revenues by 2023, experts have been more pessimistic, pointing to a decline in global trade, which would lead to declining demand for shipping through the Canal. To achieve the 2023 goal, shipping would have to increase by 9 percent per year, with no decline in traffic.

Egypt is 2017’s 'Second Fastest Growing' Tourist Destination: UN
Egyptian Liver Foundation and Adult Education Authority Aim to Eradicate Illiteracy of Patients with Hepatitis

Subscribe to our newsletter


News

More in News

Egypt Planning to Establish Anti-Cancer Drug Factory

Mirna AbdulaalSeptember 18, 2018

Sandstone Sphinx Statue Discovered in Kom Ombo

Sara AhmedSeptember 16, 2018

UN Adopts Egyptian Resolution On Preventing Sexual Abuse

Mirna AbdulaalSeptember 16, 2018

Egypt Seeks to Penalize Water Misuse

Sara AhmedSeptember 16, 2018

Egypt Court Orders Arrest of Alaa, Gamal Mubarak

Egyptian StreetsSeptember 15, 2018

Prominent Egyptian Journalist Yosri Fouda Accused of Sexual Misconduct

Egyptian StreetsSeptember 15, 2018

Egypt to Detect and Treat 50 Million Citizens From Hepatitis C

Mirna AbdulaalSeptember 13, 2018

Egypt’s Inflation Rate Drops to 13.6 % in 2018

Nour EltiganiSeptember 13, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.