Revenues at Egypt’s Suez Canal rose 15 per cent to $395m in May 2010, compared to the revenues of $342.4m it recorded during May last year.

The revenues were also an increase from the $374.9m in revenues recorded in April, according to the Suez Canal Authority.

The Suez Canal Authority achieved total revenues of $1.1bn for the first three months of 2010, and total revenues at the Suez canal are expected to increase 2.9 per cent year-on-year to $4.9bn in the first half of 2010, according to local investment bank EFG-Hermes (MEED 13:1:10).

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

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