Suez Canal revenue up 11.3% in 2010-2011

The revenue from Egypt's Suez Canal soared by 11.3 percent during the fiscal year 2010-2011 as compared to the previous year, the Suez Canal Authority said on Tuesday.

The canal recorded a revenue of US$5.54 billion by late June, the authority's head, Ahmed Ali Fadel, told reporters.

Egypt's fiscal year starts in July and ends in June of the following year.

Fadel reported that 18,050 ships passed through the canal in 2010, an increase of 3.1 percent.

He added that international trade has witnessed a remarkable improvement in 2010 and 2011, after a significant downturn in 2009.

Fadel said the canal's revenue during the first half of 2011 amounted to US$2.535 billion, up 12.7 percent as compared to the same period in 2010.

He credited Egypt’s military for its role in securing the maritime route and providing safety for passing vessels.

The Suez Canal is one of Egypt’s most important sources of revenue, along with tourism and remittances. It is also widely regarded as an indicator of the health of international trade.

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