São Paulo – Revenues at the Suez Canal, in Egypt, were up 8.5% in November 2013 from November 2012 to US$ 442.4 million. according to information released last Thursday (26th) by the Suez Canal Authority and published on the Egyptian newspaper Al Ahram, revenues stood at US$ 407.7 million in November last year.
Although it has increased November-on-November, Suez Canal revenues were down in November from October 2013. According to the Suez Canal Authority, revenues stood at US$ 466 million in October, up 5% from November. In November, 1,428 ships passed through the canal, as against 1,503 in October.
Although the number of ships and revenues both declined in November from October, the Suez Canal has had good results in the ongoing Egyptian fiscal year, which starts in July. From July through November 2013, revenues stood at US$ 2.2 billion, as against US$ 2.1 billion in the same period of 2012.
The Suez Canal connects the Mediterranean and Red seas. Revenues from fees charged from passing ships are one of the leading revenue sources of the Egyptian government, as are remittances from Egyptian expatriates, gas and oil exports, and tourism.
*Translated by Gabriel Pomerancblum