Egypt’s Suez Canal has generated a record-breaking revenue of 7.932 billion US dollars in 2022, according to the chairman of Egypt’s Suez Canal Authority (SCA). “The revenues of 2022 are the highest in the SCA’s history,” Osama Rabie told the parliament in a public session. More than 23,000 ships carrying 1.4 billion tonnes of cargo passed the navigation course in 2022, up from 21,700 ships the previous year, he said.
Wael Qaddour, the SCA’s former deputy chairman, attributed the record revenue to the high demand for oil as maritime energy transport depends greatly on the canal. Qaddour predicted that revenues would continue to rise in the coming years, as transit fees would be raised by 10-15 percent beginning in January 2023.
The Suez Canal is one of Egypt’s primary sources of national income and foreign currency reserves.