Egypt’s revenues from the Suez Canal increased by 0.6 percent to reach $882.4 million during the first quarter of 2016, compared to $876.7 million during the same period last year, the Egyptian Information and Decision Support Center (IDSC) announced in a statement Wednesday.
A total of 4,167 vessels have transited through the canal during the first three months of 2016, compared with 4,067 vessels during the same period last year, according to the statement.The Suez Canal Authority announced that revenues of the Suez Canal in 2015 amounted to $5.175 billion, compared to $5.465 billion in 2014 and $5.111 billion in 2013.
Following the opening of the 72-kilometer long shipping lane in August 2015, the Suez Canal Authority expects revenues to increase to an annual value of $13.2bn by 2023.
The waterway is one of Egypt’s core sources of income, providing about 10 percent of the nation’s hard currency.
