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Egypt's Suez Canal revenue hits $435.5 million in November

Income climbs 5.5 per cent on last year, as authority prepares to raise toll fees for all vessels passing through the strategic waterway

Reuters, Monday 12 Dec 2011
Suez Canal
Plain sailing? Revenues are up an annual 5 per cent, with toll hikes to come in 2012 (Photo: Reuters)
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Revenue from Egypt's Suez Canal rose 5.5 per cent on a year earlier to US$435.5 million in November, but down 2.8 per cent from a month earlier, the Suez Canal Authority website showed.

The canal's revenues in November 2010 were $412.8 million. Revenues in October 2011 were $447.9 million.
 
The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.
 
Earlier in December, the Authority said it would raise toll fees for all vessels passing through the strategic waterway by 3 per cent starting March 2012, saying tariffs had not been changed for the previous three years.
 
It said the change followed studies about the global economy and trade.
 
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