Egypt: Suez Canal revenues fell slightly to $ 5.72 billion in fiscal year 2019-2020

According to the Suez Canal Authority, in the 2019-2020 fiscal year, revenues from the Canal reached $ 5.72 billion compared to $ 5.75 billion in the previous fiscal year. A slight drop in view of the pandemic context and the slowdown in global trade flows.

Revenues for the Suez Canal in Egypt fell slightly to $ 5.72 billion in the 2019-2020 fiscal year, the Suez Canal Authority (SCA), in charge of the administration of the Canal, announced on Saturday.

This is less than the previous year, when they totaled $ 5.75 billion. These predictable results can be attributed to the impact of the coronavirus on global commercial traffic. A few weeks ago, in fact, the head of the SCA, Osama Rabie, indicated that in May 2020 alone, revenues had dropped by 9.6% compared to the previous year.

The main sea route to quickly connect Europe and Asia, the Suez Canal, which celebrated its 150th anniversary in November 2019, remains one of Egypt’s main sources of revenue.

Source Agence Ecofin july 2020