CAIRO– Egypt’s Suez Canal, registered a record-breaking revenue of 7.932 billion U.S. dollars in 2022, the chairman of Egypt’s Suez Canal Authority (SCA), announced yesterday.
“The revenues of 2022 are the highest in the SCA’s history,” Osama Rabie told parliament, in a public session. The revenue for 2021 was 6.333 billion dollars.
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 percent from Jan, 2023 (next month).
The Suez Canal is one of Egypt’s main sources of national income and foreign currency reserves.
About 12 percent 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.
Source: Nam News Network