Suez Canal’s revenues in April jump to $479.3M

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Tue, 22 May 2018 - 11:10 GMT

BY

Tue, 22 May 2018 - 11:10 GMT

FILE- Suez Canal Economic Zone

FILE- Suez Canal Economic Zone

CAIRO – 22 May 2018: Suez Canal’s revenues climbed 12 percent during April to record $479.3 million, compared to $427.9 million in the same month of 2017, official data revealed.

On a month-on-month basis, the revenues increased 3.3 percent, as the canal recorded revenues of $463.9 million in March.

Chairman of the Suez Canal Authority, Mohab Mamish, said in March that the canal’s revenues rose 15 percent in the first two months of 2018, recording $887 million, compared to $771 million in the same two months of 2017.

In February 2018, the revenues of the canal reached $435.8 million, compared to $541.9 million in January of the same year, marking an increase of 3.56 percent.

The Central Agency for Public Mobilization and Statistics said earlier that the revenues of Suez Canal reached LE 12.2 billion in the first quarter of 2017/2018, compared to LE 11.5 billion in the first quarter of the previous year, with a 6.1 percent increase.

In 2017, Suez Canal revenues rose to $5.3 billion from $5 billion in 2016.

The Suez Canal is an artificial sea-level waterway that connects the Mediterranean Sea to the Red Sea. It provides the shortest maritime route between Europe and the lands lying around the Indian and western Pacific oceans.

It is also considered to be one of the world's most heavily used shipping lanes and it is a source of foreign currency for Egypt.

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