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Suez Canal revenues at $5.05 billion record high despite Egypt turmoil A revival of worldwide trade brings higher than ever income during the 2010/11 fiscal year for one of the country's key sources of foreign currency
An upsurge in global shipping propelled revenues for Egypt's Suez Canal to a record high of $5.05 billion in the 2010/11 fiscal year, the Suez Canal Authority said in a statement today. Flow through the canal increased 11.3 per cent during the fiscal year 2010/2011 due to a revival in world trade, the authority's statement said. Egypt's tumultuous 2011, which saw political turmoil and industrial unrest at key Suez sites, failed to have an impact on canal traffic, a vital source of foreign currency for the country. Figures for the first half of 2011 also showed a marked rise on the same period in 2010 with revenues climbing 12.7 per cent to $2.5 billion. Net tonnage and quantities of goods navigating the canal also increased. Revenues fell for the last two years, badly hit by the international economic crisis that began in 2008 and put the brakes on worldwide exports. Suez Canal revenues are, along with tourism and overseas remittances, a major component of Egypt's foreign currency reserves.
