Home Financial Record Revenue from the Suez Canal in Egypt hits a record $7 billion

Revenue from the Suez Canal in Egypt hits a record $7 billion

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A shipping container crosses the Suez Canal in Suez, Egypt February 15, 2022. Picture taken February 15, 2022. REUTERS/Mohamed Abd El Ghany

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CAIRO, July 4 (Reuters) – Revenue from Egypt’s Suez Canal hit a record $7 billion in the financial year to June 30, up 20.7% from previous year, Canal Authority chairman Osama Rabea said Monday.

A statement from the authority attributed the increase to an increase in the number of vessels and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21.

The number of vessels passing through the canal increased by 15.7% to 22,032.

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The canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign exchange for the Egyptian government.

A canal expansion in 2015 resulted in a limited increase in revenue and a further expansion is expected to be completed in 2023.

The second expansion was announced after the freighter Ever Given ran aground in the channel for six days in March last year, disrupting global trade.

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Reporting by Mahmoud Salama Editing by David Goodman

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