May 10 2009 |
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Piracy and recession hits Suez
Egypt's Suez Canal revenues dropped 22.7 per cent to $346.9 million in April, compared to $448.9 million in the same month last year, but were up from $327.9 million in March, a Suez Canal Authority official said.Economists have been watching Suez Canal revenues closely to see any effects from piracy off the Somali coast and the recession in major economies, which is expected to reduce the volume of trade between Asia and Europe.
The canal authority said earlier in January that it would leave unchanged its transit tolls for 2009 despite its expectations that the financial crisis will reduce traffic. The canal is an important source of foreign currency for the Egyptian economy.
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