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Suez Canal records historic high as revenues reach $9.4B

The Suez Canal achieves record-breaking revenues of $9.4 billion for the fiscal year 2022-2023.

By: Mohamed Zain

Fri, Sep. 29, 2023

The Suez Canal achieves record-breaking revenues of $9.4 billion for the fiscal year 2022-2023 - File Photo

The Central Agency for Public Mobilization and Statistics (CAPMAS) has reported a substantial increase in the revenues of the Suez Canal in the month of July.

According to CAPMAS data, the revenue reached approximately EGP 27.9 billion, up from EGP 26.7 billion in the previous month, marking an increase of approximately EGP 800 million.

The statistics further reveal that Suez Canal revenues in July 2022 amounted to approximately EGP 13.3 billion. This indicates that the revenues in July of the current year have surged by around EGP 14.6 billion compared to the same month in the previous year.

By the end of the fiscal year 2022-2023, Suez Canal revenues had reached a remarkable $9.4 billion, marking the highest in the history of the canal. During the fiscal year, approximately 25,837 ships transited through the Suez Canal.

Analyzing the historical data, revenues were recorded at $5.37 billion in the fiscal year 2013/2014, followed by $5.36 billion in 2014/2015, showing a marginal decrease of 0.1%. In 2015/2016, revenues amounted to $5.1 billion, reflecting a 4.5% decrease, and $4.9 billion in 2016/2017, with a 3.4% decline.

The upward trajectory resumed with revenues reaching approximately $5.7 billion in 2017/2018, marking a 15.4% increase. This trend continued with revenues of $5.7 billion in 2018/2019, up by 0.4%, and $5.8 billion in 2019/2020, showing a 1.3% increase.

Finally, in 2020/2021, revenues amounted to $5.9 billion, a 1.8% increase, and reached a record high of $7 billion during the year 2021/2022, marking an impressive 18.4% increase.