Egypt: Egyptian authorities expect Suez Canal revenues to reach $7 billion in 2022!

The Suez Canal is an important source of revenue for the Egyptian government. The country's authorities are stepping up efforts to maximize revenue from this infrastructure, which is one of the most important trade routes in the world.

Egyptian authorities expect Suez Canal revenues to reach $7 billion by the end of the 2021/2022 financial year. The information was made public by the media on Sunday, May 22.

This forecast represents an increase of $1.5 billion over last year’s revenue. The remarks by Egyptian Finance Minister Mohamed Maait come as the Suez Canal recorded $629 million in revenue last April, the highest revenue ever recorded. Annually, its best performance dates from 2021, or 6.3 billion dollars.

The Suez Canal is an important source of revenue for Egypt. In March 2021, the grounding of the container ship Ever Given blocked traffic on the canal preventing trade estimated at $9.6 billion in the space of six days.

It should be noted that according to official data, between 2011 and 2019, the quantity of goods having passed through this infrastructure has undergone a constant evolution. From 691.8 million tonnes in 2011, traffic reached 1.03 billion tonnes in 2019.