The Suez Canal has set a record profit

The Suez Canal prospers, even during major international crises. The strait sees the transit of nearly 10% of maritime traffic, especially by playing the role of crossroads between the Asian and European continents. Between July 2021 and June 2022, approximately 1.32 billion tons of goods passed through the canal.

An indispensable axis of world trade

The record profit is mainly the result of recent global inflation. In response to rising prices, Egypt increased its crossing fees by 6% in February and then by 5-10% in March, targeting mainly oil and gas containers. However, despite the price increase, the continuity of the sea passage has demonstrated the need for the canal for the stability of global supply chains.

A national economic asset

As a bonus, the seaport also broke a second record by recording its highest monthly turnover. In April, the canal recorded a profit valued at 605 million euros. The Suez Canal’s revenues also play a key role in the creation of national currency and the country’s economic stability. This historic windfall of 7 billion dollars represents a great support for Egypt during this period of crisis.