Egypt’s Suez Canal revenues hit all-time record at $7B

ANKARA

Egypt’s Suez Canal revenues hit an all-time high, recording $7 billion in the last fiscal year, according to local authorities on Monday.

Osama Rabie, chairman of the Suez Canal Authority, said in a statement that the international waterway’s revenues rose by 20.7% from $5.8 billion in the fiscal year 2020-2021.

Rabie said 22,032 ships crossed the canal last year, up from 19,047 vessels a year earlier, with an increase of 15.7 percent, and that some 1.32 billion tons of cargo were shipped through the waterway.

The fiscal year ends in Egypt in June.

The Suez Canal is a strategic waterway that connects the Mediterranean and the Red Sea and is considered the main source of foreign currency for the Egyptian government.

*Writing by Ahmed Asmar