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Suez Canal’s revenues to hit $7 billion by the end of FY 2022

Posted on May 30, 2022   |  

  • The Suez canal is one of the Egyptian government’s major sources of foreign currency and is the quickest shipping route between Europe and Asia.
  • Despite the Ukraine crisis, tourism revenues are expected to hit between $10 billion and $12 billion by then.
  • In April, Egypt’s Suez Canal’s monthly revenue grew by 13.6% compared to 2021, reaping $629 million in ship transit fees as traffic rebounded from the impact of the pandemic.
  • The total number of ships that departed via the 193 km (120 miles) waterway that connects the Red and the Mediterranean seas increased by 6.3% from a year ago to 1,929 vessels.