Suez Canal revenues jump 15% in May

10 Jun 2010

(MENAFN) A report issued by the Suez Canal Authority said that revenue from Egypt’s Suez Canal rose to $395 million in May, 15 percent up from May 2009, the biggest revenue since November 2009, Reuters reported.

The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.

Canal revenues had decreased by 20 percent in 2009 when the global economic slowdown cut traffic on the waterway, a barometer for trade worldwide.

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