Suez Canal Revenue Down 20%
Finance February 15th, 2010
Income from the Suez Canal of Egypt is strategically dropped 20 percent in 2009 due to the global economic crisis, a Suez Canal Authority official said Monday (11/01).
Revenues reached 4.28 billion dollars in 2009, compared with 5.38 billion dollars in 2008, officials said unnamed. Officials blame “a global financial crisis continued” for the fall.
Canal, which connects the Mediterranean Sea and Red Sea and is one of the shipping lanes of the most widely used in the world, is the source of Egypt’s third largest revenue after tourism and remittances from foreign workers. Volume of traffic through the canal along the 163-kilometer (101 miles) is seen as an indicator of the health condition of maritime trade throughout the world.
