Egyptian revenue from the Suez Canal reached a record seven billion dollars in the financial year that ended in June, announced the chairman of the canal Osama Rabea.
This is 20.7 percent higher than in the previous financial year, Rabea stated on Monday.
Revenue increased due to a higher number of vessels and greater cargo volume in transit, according to a statement from the Suez Canal Authority.
Cargo volume rose by 10.9 percent compared to the financial year 2020/2021, to also a record 1.32 million tons.
A total of 22,032 ships passed through the canal, which is 16.7 percent more than in the previous year.
The canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign exchange revenue for the Egyptian government.
The expansion of the canal in 2015 resulted in limited revenue growth, and a new phase of expansion was announced after the container ship Ever Given got stuck in the narrow waterway in March last year, blocking traffic for six days and causing disruptions in global trade.
The works are expected to be completed next year.
