Suez Canal revenues dropped by $69 million dollars during fiscal year 2001/2002 from $1.95 billion in the previous year to $1.87 billion, stated the Egyptian Suez Canal Administration. The Egyptian fiscal year runs from July 1 until June 30.
The revenue drop was attributed to the global economic slowdown that followed the September 11 attacks in the United States. Risk duties imposed on shipping companies rose significantly after the attacks, affecting the number of ships passing through the canal.
The Suez Canal links the Mediterranean to the Red Sea. It is one of the Egypt’s four major sources of hard currency income, along with oil, tourism and income remitted from abroad by Egyptian laborers overseas. — (menareport.com)
© 2002 Mena Report (www.menareport.com )