Suez Canal Revenues Expected to Hit USD 7 Billion by End of Year
Around 12% of global trade goes through the Suez Canal, allowing it to serve as one of the biggest generators of foreign currency for Egypt.
The Suez Canal is expected to develop revenues of up to USD 7 billion by the end of the 2021-2022 fiscal year, ending June 30th. The canal is responsible for most of Egypt’s foreign transactions; around 12% of global trade goes through the Suez Canal, allowing it to serve as one of the biggest generators of foreign currency for Egypt.
In April 2022, the Suez Canal recorded its highest monthly revenues with USD 629 million, a 13.6% jump compared to USD 553.6 million in April 2021. The canal also recorded its highest monthly net tonnage, with 114.5 million tonnes - up 3.9% compared to 110.2 million tonnes last April. 1,929 ships crossed the canal both ways all through the month, a 6.3% increase from the 1,814 ships that crossed the canal the same time last year.
The Ministry of Finance also expects revenue from tourism to reach at least USD 10 billion to USD 12 billion, despite the effects of the Russia-Ukraine war.