Revenues from Egypt’s Suez Canal declined 7 percent year-on-year during the month of October to reach USD 418.1 million, according to the latest data from the state’s information website. October’s revenues are also less than the revenues the Canal registered during August by USD 29.5 million. The Suez Canal is traditionally one of Egypt’s main sources of foreign currency, which has been in short supply during the past few years. Earlier this year, claims began circulating that ships are shifting their routes from the Suez Canal to the Cape of Good Hope at the southern tip of Africa due to the global fall in oil prices. Chairman and Managing Director of the Suez Canal Authority Mohab Mamish rejected those allegations, declaring, “The Suez Canal is the main route for world trade, and no other alternative can take its place in the field of maritime transport.” 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…
Egypt’s Suez Canal October Revenues Decline 7 Percent Year-on-Year
November 21, 2016
