Egypt’s Suez Canal revenues drop to $5.72 billion in FY2020

Egypt’s Suez Canal revenues declined to $5.72 billion during the 2019/2020 financial year from $5.75 billion during the 2018/2019 financial year, the canal authority announced in a statement on Saturday.

The Suez canal is one of the country’s main sources of foreign currency.

Traffic in the Suez Canal, the fastest shipping route between Europe and Asia, however, increased 4.5 percent  during the financial year that ended on June 30, with 19,311 ships passing through the canal, the authority added.

Traffic in the January-June period alone rose 4.7% year-on-year to 9,545 ships, despite slowing global shipping industry due to the coronavirus outbreak, Osama Rabie, chairman of the canal authority said, attributing the increase to a series of incentives and discounts offered by authority.

During the January-June period, traffic also climbed 4.7 percent year-on-year to 9,545 ships, despite slowing global shipping industry due to the coronavirus, the canal authority’s chairman Osama Rabie said, attributing the increase to a series of incentives and discounts offered by authority.