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Egypt's Suez Canal earns record revenue of 7.9 bln USD in 2022

Egypt's Suez Canal earns record revenue of 7.9 bln USD in 2022

finance, China, revenue, transport, PRC, Suez Canal, Mediterranean Sea, Red Sea
Egypt's Suez Canal. Photo by Xinhua.
Egypt's Suez Canal. Photo by Xinhua.

Egypt's Suez Canal registered a record-breaking revenue of $7.932 bln in 2022, the chairman of Egypt's Suez Canal Authority (SCA) announced. This was reported by The Xinhua News Agency.

"The revenues of 2022 are the highest in the SCA's history", – Osama Rabie told the parliament in a public session. The revenue for 2021 was $6.333 bln.

"More than 23,000 ships carrying 1.4 bln 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% from January 2023.

The Suez Canal is one of Egypt's main sources of national income and foreign currency reserves.

About 12% 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.

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