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Monday, 16 December 2019

Egypt's Suez Canal records highest ever monthly revenues in October

Menna Alaa El-Din , Saturday 2 Nov 2019
Suez Canal
A cargo ship is seen crossing through the New Suez Canal, Ismailia, Egypt (Photo: Reuters)
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Egypt’s Suez Canal recorded its highest ever monthly revenues in October, the Suez Canal Authority Chairman Osama Rabie said.

Canal revenues hit $515.1 million in October, with a net monthly cargo of 108.9 million tons, he stated, adding that the figures were "unprecedented".

The Suez Canal, the fastest shipping route connecting Europe and Asia, is the country’s main source of foreign currency. 

Revenues from the canal recorded a yearly growth rate of 5.4 percent in fiscal year (FY) 2018/2019, reaching $5.9 billion, up from $5.6 billion in FY 2017/2018.

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