File Photo: A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)
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.