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World

Egypt's Suez Canal revenues fall in September, continuing overall decline for 2015

Associated Press
Published | Updated
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    FILE - In this Thursday, Aug. 6, 2015 file photo, a cargo container ship crosses the new section of the Suez Canal after the opening ceremony in Ismailia, Egypt. Toll revenues for Egypt’s Suez Canal fell in September 2015, dampening hopes that a new parallel waterway -- which authorities claimed would more than double canal income in the next seven years -- will boost the economy in the immediate future. Data released on Monday, Oct. 25, 2015, by canal authorities shows that monthly revenue was $448.8 million in September, down some $13 million from the previous month. (AP Photo/Hassan Ammar, File) (The Associated Press)

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    FILE - In this Aug. 6, 2015 file photo, an army zodiac secures the entrance of the new section of the Suez Canal in Ismailia, Egypt. Toll revenues for Egypt’s Suez Canal fell in September 2015, dampening hopes that a new parallel waterway -- which authorities claimed would more than double canal income in the next seven years -- will boost the economy in the immediate future. Data released on Monday, Oct. 25, 2015, by canal authorities shows that monthly revenue was $448.8 million in September, down some $13 million from the previous month. (AP Photo/Amr Nabil, File) (The Associated Press)

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    FILE -- In this Aug. 6, 2015 file photo, provided by the office of the Egyptian Presidency, Egyptian President Abdel-Fattah el-Sissi smiles at a boy dressed in a military uniform and waving the national flag during a ceremony unveiling a major extension of the Suez Canal in Ismailia, Egypt. Toll revenues for Egypt’s Suez Canal fell in September 2015, dampening hopes that a new parallel waterway -- which authorities claimed would more than double canal income in the next seven years -- will boost the economy in the immediate future. (Egyptian Presidency, File via AP) MANDATORY CREDIT (The Associated Press)

CAIRO – Toll revenues for Egypt's Suez Canal have fallen in September, dampening hopes that a new parallel waterway — which authorities claim will boost the economy — can do much for it in the immediate future.

Data released on Monday by canal authorities shows that monthly revenue fell to $448.8 million, putting the year-to-date toll income at $3.9 million. That compares to a monthly figure of $469.8 million in September of last year, when year-to-date toll income stood at $4.1 billion.

The canal's much-hyped extension was one of the mega-projects President Abdel-Fattah el-Sissi said would bring an economic turnaround to the country.

But economists and shippers have questioned the project's value, saying the increased traffic and revenues the government is hoping for would require major yet unanticipated growth in global trade.