CAIRO, April 11 (Xinhua) -- The Suez Canal's revenues in the first quarter of 2023 amounted to 2.3 billion U.S. dollars, recording a year-on-year increase of 35 percent, Egypt's Presidency said in a statement on Tuesday.
The number of ships crossing the canal grew by 20 percent in the same period compared to 2022, it added.
The statement followed a meeting of Egyptian President Abdel-Fattah al-Sisi with the Chairman of the Suez Canal Osama Rabie for discussing means to develop the navigation course of the canal and efforts of modernizing the marine fleet by adding new dredges and tugs that have an important role in securing the crossing ships.
The Suez Canal is a major lifeline for global seaborne trade since it allows ships to travel between Europe and South Asia without navigating around Africa, thereby reducing the sea voyage distance between Europe and India by about 7,000 km.
Some 12 percent of the world trade volume passes through the man-made canal, which is a major source of hard currency in Egypt. ■