{"id":58283,"date":"2017-09-21T18:00:00","date_gmt":"2017-09-21T20:00:00","guid":{"rendered":"https:\/\/escaesco.com.br\/lab\/anba\/suez-canal-revenue-climbs-5\/"},"modified":"2024-02-21T22:19:26","modified_gmt":"2024-02-22T01:19:26","slug":"suez-canal-revenue-climbs-5","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/suez-canal-revenue-climbs-5\/","title":{"rendered":"Suez Canal revenue climbs 5%"},"content":{"rendered":"<p>S&atilde;o Paulo &ndash; Revenue in Egypt&rsquo;s Suez Canal reached USD 470.6 million in August, up 5.1% year-on-year, Suez Canal Authority chairman Mohab Mamish was quoted by <em>Al Ahram<\/em> daily this Thursday (21) as saying. Revenue also increased in August compared with June and July 2017.<\/p>\n<p><!--[{![cemb_9_715285_2]!}]--><\/p>\n<p>The canal connecting the Mediterranean and Red seas is the fastest sea route between Europe and Asia. It&rsquo;s also one of Egypt&rsquo;s primary revenue sources, alongside tourism.<\/p>\n<p>Stagnant international trade, however, had been taking away from its results. Nevertheless, a major expansion project that cost USD 8.2 billion was completed in 2015. <\/p>\n<p>But the World Trade Organization (WTO) said this Thursday that global trade increased by 4.2% year-on-year in the first half, and it should keep climbing until the end of 2017. Trade is seen increasing by 3.6% during the whole year, up from a meager 1.3% in 2016, according to the WTO.<\/p>\n<p><em> Al Ahram<\/em> reported that 1,528 ships passed through the canal in August, up 4.5% from 1,462 ships in August 2016.<\/p>\n<p>The <em>Egypt Independent<\/em> website, the English version of newspaper <em>Al-Masry Al-Youm <\/em>(The Egyptian Today), cargo throughput stood at 91.5 million tons, up 4.2% year-on-year. <\/p>\n<p><strong>On the rebound <\/strong><\/p>\n<p>With tourism revenue dwindling since the Arab Spring in 2011, lackluster global trade levels and an exchange rate peg in place, Egypt struggled with scarce revenue. <\/p>\n<p>Last year, however, it reached an agreement for a USD 12 billion loan from the International Monetary Fund (IMF), and its Central Bank unpegged the currency, causing the Egyptian pound to drop. Foreign investment resumed and Egypt&rsquo;s foreign exchange reserves were replenished. <\/p>\n<p>Tourism is picking up again. The country welcomed 4.3 million visitors from January through July, up 54% year-on-year. Tourism industry turnover stood at USD 3.5 bn in H1, up 170% from H1 2016. <\/p>\n<p><strong>*Translated by Gabriel Pomerancblum<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-188095\">Press Release<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The waterway in Egypt saw USD 470.6 million in revenue in August, with ship throughput increasing by 4.5%.<\/p>\n","protected":false},"author":2316,"featured_media":188095,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-58283","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"wps_subtitle":"The waterway in Egypt saw USD 470.6 million in revenue in August, with ship throughput increasing by 4.5%.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/58283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=58283"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/58283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/188095"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=58283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=58283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=58283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}