Suez Canal revenue hits record high in 2021

The revenue of Egypt's Suez Canal reached a record high of $6 billion in 2021, Chairman of the Suez Canal Authority (SCA) Osama Rabie said in a statement.
"Egypt's Suez Canal earned a revenue of $6 billion from January until the first half of December," Rabie said, noting that it was the period's highest-ever revenue.

The revenue of the Suez Canal reached $5.61 billion in 2020 and $5.8 billion in 2019.

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.

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