Egypt’s Suez Canal Records Highest Ever Revenue of $7 Billion


Egypt’s Suez Canal AuthoritySCA) reported record revenue of $7 billion for fiscal year 2021/2022, up 20.7 percent from a year earlier.

“Income is the highest figure on record and is more than a fifth higher than last fiscal year’s $5.8 billion in transit costs,” Xinhua . news agency quoted SCA chairman Osama Rabie as said.

He added that in the fiscal year, which ended on June 30, about 1.32 billion tons of cargo was shipped through the canal.

Ongoing global crises have increased the importance of the Suez Canal in ensuring the sustainability of global supply chains, the SCA chairman added.

The Suez Canal is an important lifeline for global maritime trade as it allows ships to travel between: Europe and South Asia without navigating around Africa, reducing the sea voyage distance between Europe and India by about 7,000 km.

About 12 percent of world trade goes through the artificial channel, which is a major source of hard currency in Egypt


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