The Suez Canal saw revenues jump by 27.2% year-on-year (YoY) to hit $703.4 million in October 2022, compared to $552.9 million in October 2021, revealed Suez Canal Authority (SCA) head Osama Rabie.

The number of ships moving through the canal reached 2,117 in October, an increase of 14.6% when compared to October 2012’s recorded 1,847 ships.

Net tonnage was up by 12.6% to 126.5 million tons in October from 112.3 million tons logged in the same period last year.

Fiscal year (FY) 2021/2022 saw the Suez Canal break its highest annual revenue record, hitting $7 billion with a growth of 20.7% compared to the previous FY’s $5.8 billion. Rabie had previously said he aimed to increase the Suez Canal's annual revenues to $13.5 billion by 2023.

In September, the SCA head stated that the Suez Canal would raise transit tolls in 2023, citing global inflation and rising prices.

Egypt’s export grew by 48.8% YoY in 2021, hitting $42.6 billion, revealed a recent report by the  Central Agency for Public Mobilization and Statistics (CAPMAS).