September 08, 2008

Panama Canal sees revenue in 2008 to increase by 10%

Reuters reported that revenue from Panama Canal transit fees are expected to increase by about 10% in 2008, despite likely slower growth in world trade. According to Panama Canal Authority, toll revenues should reach USD 1.30 billion in 2008 as compared with USD 1.18 billion in 2007.

Mr Rodolfo Sabonag authority analyste said that many of the gains are expected to come from increased transit fees. In January, the Authority reported that toll revenue had increased in the previous three months by about 8% to USD 300 million, despite a drop in transits resulting from high oil prices and slower growth in US demand.

The Panama Canal accounts for about 20% of Panamanian gross domestic product and its toll revenue accounts for a sizable chunk of the national budget.