Egypt’s Suez Canal records highest ever Oct. revenues – official

Egypt’s Suez Canal recorded its highest ever monthly revenues in October, the Suez Canal Authority’s chairman Osama Rabie said on Saturday.

The canal’s revenues hit $515.1 million in October, with a net monthly cargo of 108.9 million tons, he stated, adding that the figures were unprecedented.

The Suez Canal, the fastest shipping route connecting Europe and Asia, is the country’s main source of foreign currency.

Revenues from the canal recorded a yearly growth rate of 5.4 percent in the financial year 2018/2019, reaching $5.9 billion, up from $5.6 billion in the financial year 2017/2018.

Last June, Egypt’s finance ministry said it had provided the state treasury with 72.2 billion Egyptian pounds ($4.48 billion) in the financial year 2018/2019, in what was described then as the highest record.

Source: Ahram Online