Egypt's Suez Canal records 3-year low in February revenues

Ahram Online , Sunday 26 Mar 2017

Suez Canal cargo
A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt (Reuters)

Egypt's revenues from Suez Canal trade recorded a three-year low in February after registering $375.8 million compared to $401.4 million the same month last year, according to data from the Suez Canal Authority published by the state-run Egypt Information Portal (EIP).

In February 2014, Suez Canal receipts recorded $339 million in revenue.

In February of this year, 1,286 ships passed through the Egyptian waterway compared to 1,369 the month before, EIP stated.

Receipts declined slightly last month compared to January, when it registered $395.2 million.

The canal, which is the fastest shipping route between Europe and Asia, is one of Egypt's main sources of foreign currency. 

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