Egypt’s Suez Canal makes record revenues of $7.9bn in 2022

Egypt’s Suez Canal has registered a record-breaking revenue of $7.932 billion in 2022 up from $6.333 billion last year, the chairman of Suez Canal Authority (SCA) told the parliament on Monday.

SCA’s chairman Osama Rabie noted that more than 23,000 ships carrying 1.4 billion tons of cargo passed the navigation course in 2022, up from 21,700 ships in the previous year.

For his side, the SCA’s former deputy chairman Wael Qaddour referred the record revenue to the high demand for oil as maritime energy transport depends greatly on the canal.

Moreover, Qaddour expected the revenues will keep rising in the coming years as the transit fees will be increased by 10-15 percent starting from January 2023.

Noteworthy, that Suez Canal is one of Egypt’s main sources of national income and foreign currency reserves, as 12 percent of the world trade volume passes through it.

It also considers the most important and fastest navigation passage connecting Africa, Asia, and Europe by bridging the Red Sea and the Mediterranean Sea.