Egypt's Suez Canal revenues rise 6.3% in September Y-O-Y

Waad Ahmed , Monday 27 Oct 2014

Suez Canal revenues are up year-on-year but have dipped 8% since August

Suez Canal
A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)

Egypt’s revenues from the Suez Canal totalled $469.7 million in September, a 6.3 percent increase from the $442 million generated in September last year, according to Egypt's Information Portal (EIP).

The new figure also represents an eight percent drop from August's revenues of $510 million.

The number of vessels passing through the canal this September was 1,458, a three percent increase from 1,415 vessels in the same period a year earlier, showed the EIP data.

The artificial waterway which connects the Mediterranean and Red Sea is the shortest marine route between Asia and Europe. It is one of Egypt's main sources of foreign currency revenue, along with tourism and remittances from Egyptian expatriates.

Egypt's net reserves amounted to $16.9 billion in September, according to the central bank. Reserves had sharply dropped after 2011’s uprising but have slowly began to rise again as Oil-rich Gulf countries have given Egypt billions of dollars in aid following the ouster of president Mohamed Morsi in 2013.  

The Egyptian government is currently digging a parallel waterway with the aim of increasing the canal’s traffic and raise revenues to $12-13 billion by 2023, according to finance minister, Hany Qadry.

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