Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Egypt's Suez Canal Revenues Rise to $471.5 Mln

Egypt's Suez Canal Revenues Rise to $471.5 Mln

Thursday, 25 January, 2018 - 07:30

Egypt's Suez Canal authority said that revenues rose to $5.3-billion in 2017 from $5-billion in 2016.

The Canal revenues rose to $471.5-million in December from $462.7-million in November, official data showed on Wednesday, according to Reuters.

On an annualized basis, Suez Canal revenues in December rose by 13.8 percent compared to the same month a year earlier, when it reached 414.4 million dollars.

In the whole of 2016, revenues from the Suez Canal fell 3.3 percent to $ 5.005 billion, according to Reuters calculations, compared with $ 5.175 billion in 2015.

The Suez Canal Authority expects revenues from ships to rise to $ 13.2 billion annually by 2023.

The Suez Canal, which is 192 kilometers long, shortens the journey between Asia and Europe by about 15 days on average.

Central Bank of Egypt data shows that the revenues of the Canal during the fiscal years 2015 - 2016 and 2016 - 2017 declined to 5.1 billion and 4.9 billion dollars, respectively.

Officials in the Suez Canal Authority expect the new canal to boost annual revenues to $13.2 billion by 2023.

The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government.

Editor Picks