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Ships sailing in Suez Canal (Anadolu Photo)

The head of the Egyptian Suez Canal Authority (governmental) Osama Rabie said, on Tuesday, that the channel’s revenues rose during the first eight months of 2021 by 11.6 percent on an annual basis, to $4.1 billion, amid a gradual recovery in global trade from the repercussions of the Corona pandemic.

This came in a speech by the head of the Suez Canal Authority during the celebration of the opening of a package of projects in the canal area, most notably “Ahmed Helmy Tunnel 2”, which was broadcast on Egyptian television.

Rabie said that the channel’s revenues rose during the first eight months of this year to $4.1 billion, from $3.66 billion in the corresponding period of 2020.

The Egyptian official indicated that the number of ships that crossed the canal during the period from January to last August rose by 6.7 percent to 13.3 thousand ships, compared to 12.5 thousand ships for the same period last year.

The outbreak of the virus caused the closure of many economic facilities around the world, declining global demand for consumption, amid a partial disruption in supply chains.

Egypt opened the $8 billion “New Suez Canal” in August 2015, as part of plans to revive the country’s economy and restore Egypt’s position as an important center for trade.

The Suez Canal revenues amounted to $5.84 billion in the 2020-2021 fiscal year that ended last June, compared to $5.72 billion in the previous fiscal year.

The Suez Canal, which is considered one of the most important channels and straits around the world, is the shortest shipping route between Europe and Asia, and is one of the main sources of hard currency for Egypt.

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