Revenues from Egypt’s Suez Canal reached $174 million in October, up from $163.4 million in the previous month and $163 million in October 2001.Some 1,151 ships passed through the canal last month compared to 1,071 in September and 1,159 in October of last year, reported Reuters.
The Suez Canal links the Mediterranean to the Red Sea. It is one of the Egypt’s four major sources of hard currency income, along with oil, tourism and income remitted from abroad by Egyptian laborers overseas.
The Canal’s revenues in 2001 reached $1.9 billion, 47 million dollars less than the previous year. The Suez Canal Authority attributed the revenue losses to the September 11 terrorist attacks on the United States. — (menareport.com)
© 2002 Mena Report (www.menareport.com )