CAIRO: Suez Canal revenues jumped 10.7 percent, totaling $441.9 million in March and up from $399.4 in February, the Cabinet’s Information and Decision Support Center (IDSC) announced Thursday.
A total of 1,405 ships passed through the Suez Canal in March compared to 1,238 ships in February, marking a 13.5 percent hike in ship traffic, IDSC added in its report of economic and social indicators.
The canal is one of Egypt’s key sources of income, with ships moving through the canal providing about 10 percent of Egypt’s hard currency.
During the first quarter of 2014, Suez Canal revenues recorded a 2.2 percent increase with a total of $1.21 billion, compared to $1.18 billion in the corresponding period last year, according to an April report from the Suez Canal Authority (SCA).
Suez Canal revenues are expected to reach $5.5 billion as of the end of the current fiscal year in June according to Mohab Mamish, head of the SCA. His comments came during a March meeting with Prime Minister Ibrahim Mahlab, Youm7 reported.
“This would be the highest record ever achieved,” Mamish said, noting that revenues jumped four percent between July and February.