Egypt's Suez Canal December revenue falls 4.5pc to $424.6 million

SUEZ CANAL revenue posted a 4.5 per cent year-on-year decline to US$424.6 million in December, according to the Egyptian canal authority website.

"There was a sustained weakness the past year on an annual basis, which was a reflection of global slowdowns, especially trade between Asia and Europe and despite the increase in the transit fees," said EFG-Hermes economist Mohamed Abou Basha.

Month-to-month canal revenue was four per cent up on November's $407.7 million, Reuters reported. Last year, the Suez Canal Authority raised tolls three per cent starting March 2012, saying tariffs had not been changed for the previous three years.

"The Suez Canal is a stable source of foreign currency income for the country and the government. If you look across the past three or four years its annual revenue has been around $5 billion," Mr Abou Basha said.