July sees Suez Canal revenues surge, setting new records

The Central Agency for Public Mobilization and Statistics (CAPMAS) has outlined a significant rise in the Suez Canal's revenues for July. The revenue reached around LE27.9 billion, up from LE26.7 billion in the previous month, marking a rough increase of approximately LE800 million. In comparison to the previous year's July revenues of approximately LE13.3 billion, a surge around LE14.6 billion was reported this year. By the end of the financial year 2022-2023, revenue had reached a remarkable $9.4 billion, marking the highest ever recorded. An estimate of 25,837 ships transited through the canal in the fiscal year. This latest report confirms a positive growth trend in the revenue of the canal, initially halted during the period 2013/2014 to 2016/2017 where revenues shrunk from $5.37 billion to $4.9 billion. The revenue then took a positive path, reaching $5.9 billion in 2020/2021 before leaping to this year's record-breaking $9.4 billion.