How Much Money Does The Suez Canal Make

The revenues of Egypt'south Suez Canal in 2021 reached $6.3 billion, the highest in the waterway'due south history, a height official said here.

In a statement on Sunday, Chairman of the Suez Canal Authority (SCA) Osama Rabie said that the waterway has also registered the largest annual net tonnages of 1.27 billion tonnes in 2021, compared to 1.17 billion tonnes in 2020, an increment of 8.5 per cent, reports Xinhua news agency.

The revenues of the Suez Canal during 2021 achieved a significant increment of 12.8 per cent, said Rabie, noting that the revenues of the canal recorded $5.6 billion in 2020.

A total of 20,694 ships passed through both directions of the canal, compared to the transit of 18,830 ships in 2020, an increase of 10 per cent.

The Egyptian official stressed that the records reflect the flexibility of the SCA in dealing with crises caused by the Covid-nineteen pandemic.

In November 2021, the SCA appear information technology will increase the toll fees for the ships transiting through the culvert by 6 per cent as of February 2022.

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

Some 12 per cent of the world merchandise volume passes through the human being-made culvert, which is a major source of hard currency in Egypt.

--IANS

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(Only the headline and picture show of this report may take been reworked by the Business concern Standard staff; the residuum of the content is machine-generated from a syndicated feed.)

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