The Suez Canal in Egypt has Recorded its Highest-Ever Revenue of $7 Billion

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The Suez Canal in Egypt has Recorded its Highest-Ever Revenue of $7 Billion
05 Jul 2022
5 min read

News Synopsis

Egypt's Suez Canal Authority (SCA) reported $7 billion in revenue for fiscal year 2021/2022, a 20.7 percent increase over the previous year.

"The income is the highest figure ever recorded and is more than a fifth higher than the previous fiscal year's $5.8 billion in transit fees," SCA Chairman Osama Rabie was quoted as saying by Xinhua news agency. He went on to say that the canal handled 1.32 billion tonnes of cargo in the fiscal year that ended on June 30.
Current global crises have demonstrated the Suez Canal's importance in ensuring the sustainability of global supply chains, according to the SCA Chairman.

The Suez Canal is a vital lifeline for global seaborne trade because it allows ships to travel between Europe and South Asia without having to circumnavigate Africa, reducing the sea voyage distance between Europe and India by approximately 7,000 kilometres. Around 12% of global trade passes through the man-made canal, which serves as a major source of hard currency in Egypt.

TWN Special