Egypt Suez Canal Jan-Aug revenue up 23.3%

Egypt's revenue from the Suez Canal rose 23.3 percent in the first eight months of 2008 to $3.632 billion, the Suez Canal Authority said on Saturday.

Revenue in the first eight months of 2007 stood at $2.945 billion, the authority said.

Canal officials say that the rise in revenue is due to growth in world trade, high oil prices and high shipping rates, which make the Suez Canal option more attractive on some routes.

Revenue in August alone stood at a monthly recrod of $504.5 million, the canal authority said.

The canal is an important source of foreign currency for Egypt, along with remittances from Egyptians living abroad, tourism, and oil and gas exports. (Reuters)

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