Suez Canal records all-time high revenue of $7bn

Cairo, July 5 (IANS) Egypt's Suez Canal Authority (SCA) reported record-breaking revenue of $7 billion for the fiscal year 2021/2022, up 20.7 per cent from a year earlier.

"The income is the highest figure ever recorded and is over a fifth higher than the previous fiscal year's $5.8 billion in transit fees," Xinhua news agency quoted SCA Chairman Osama Rabie as saying.

He added that some 1.32 billion tonnes of cargo were shipped through the canal in the fiscal year, which ended on June 30.

Ongoing global crises have proved the importance of the Suez Canal in guaranteeing the sustainability of global supply chains, the SCA Chairman added.

The Suez Canal is a major lifeline for global seaborne trade since it allows ships to travel between Europe and South Asia without navigating around Africa, thereby reducing the sea voyage distance between Europe and India by about 7,000 km.

Around 12 per cent of the world's trade passes through the man-made canal, which is a major source of hard currency in Egypt.