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Suez Canal Annual Revenues Drop for Second Year in a Row

Reports emerged on Thursday calculating that the Suez Canal's annual revenues have dropped by $170 million in 2016.

The Suez Canal annual revenues have decreased for the second year in a row, falling from $5.175 billion in 2015 to $5.005 billion in 2016, according to Reuters' calculations.

Despite launching an $8 billion dollar Suez Canal expansion in August 2015, Egypt continues to see annual revenues dropping. At the time of the expansion, Egyptian authorities expected that annual revenues would increase from $5.3 billion in 2014 to $13.2 billion in 2023, but experts believe that this goal is unrealistic considering the global trade growth forecasts.

On Thursday, Reuters also reported that Egypt’s government released data showing that Suez Canal revenues reached $414.4 million for the month of December.

Photo retrieved from @Azaziil on Twitter.