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Egypt's Suez Canal annual revenues rise 8.5% in November

Five percent drop in canal revenues in November, but figures are up 8.5 percent compared with last year

Ahram Online, Thursday 26 Dec 2013
Suez Canal
Aircraft carrier USS Nimitz (CVN 68) passes under the Friendship Bridge during a transit of the Suez Canal in this handout photo provided by the U.S. Navy, taken on October 20, 2013. (Photo; Reuters)
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Egypt’s revenues from the Suez Canal totalled $442.4 million in November an 8.5 percent increase from November 2012 of $407.7 million , according to the Suez Canal Authority.

The figure represents a 5 percent drop from the previous month’s revenues of $466 million.

According to State's Information Portal, the revenues of the vital water way in the period between July and November reached roughly $2.2 billion compared to $2.1 billion in the same period in 2012.

The artificial waterway which connects the Mediterranean and Red Sea is one of the country's main sources of foreign currency revenue, along with tourism, oil and gas exports, and remittances from Egyptian expatriates. 

The number of vessels passing through the canal also dropped this month, from 1,503 in October to 1,428 in November.

Egypt's forex reserves, which received a boost from Gulf aid packages to surpass $12 billion this summer, stood at $17.8 billion at the end of November.

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