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Thursday, 06 August 2020

Egypt's Suez Canal revenues fall to $5.72 bln in FY 19/20

Ahram Online , Sunday 5 Jul 2020
 Suez Canal
File Photo: A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)
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Egypt’s revenue from the Suez Canal dropped to $5.72 billion in the 2019/20 financial year from $5.75 billion the previous year, the canal authority said on Saturday.

Traffic in the canal, the fastest shipping route between Europe and Asia, however, rose 4.5% in the fiscal year which ended on June 30, with 19,311 ships passing through, the authority said in a statement.

Traffic in the January-June period alone rose 4.7% year-on-year to 9,545 ships, despite slowing global shipping industry due to the coronavirus outbreak, Osama Rabie, chairman of the canal authority said, attributing the increase to a series of incentives and discounts offered by authority.

The canal is one of the country’s main sources of foreign currency.

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