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Egypt’s Suez Canal registers record revenue of $7.9 billion in 2022

Egypt’s registered a record-breaking revenue of $7.9 billion in 2022, authorities said.

“The revenues of 2022 are the highest in the SCA’s history,” Osama Rabie, chairman of the Authority (SCA), told parliament.

The revenue for 2021 was $6.333 billion, reports Xinhua news agency.

More than 23,000 ships carrying 1.4 billion tonnes of cargo passed the navigation course in 2022, up from 21,700 ships in the previous year, he said.

Wael Qaddour, the SCA’s former deputy chairman, attributed the record revenue to the high demand for oil as maritime energy transport depends greatly on the canal.

Qaddour expected the revenues to keep rising in the coming years as the transit fees will be increased by 10-15 per cent from January 2023.

The is one of Egypt’s main sources of national income and foreign currency reserves.

About 12 per cent of the world trade volume passes through the man-made waterway, which is considered the most important and fastest navigation passage connecting Africa, Asia, and Europe by bridging the Red Sea and the Mediterranean Sea.




(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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