(Ecofin Agency) - In 2021, the revenues generated by the Suez Canal, one of Egypt’s main sources of income, dropped significantly when it was blocked by the container ship Ever Given. A year later, the revenues generated by that trade route rose significantly. 

In Egypt, Suez Canal revenues reached US$7 billion in the 2021/2022 fiscal year, which ended last June 30. The figure was disclosed on Monday, July 4, by Osama Rabea, chairman of the Suez Canal Authority.

The revenue disclosed is up by 20.7% compared to the FY2020/2021 performance. It was driven by a 10.9% increase in the volume of cargoes that transited through the route (1.3 million tons).  

In May 2022, Egyptian authorities forecasted the Suez Canal revenues would reach US$7 billion. Their forecast was based on a strong April 2022 performance, one year after the Ever Given container ship blocked traffic on the canal, holding up an estimated US$9.6 billion of goods daily over the 6-day blockade.

The Suez Canal, one of the busiest trade routes in the world, is one of Egypt’s important sources of income. In May 2021, an extension project was launched. It is expected to be completed in 2023.