Suez Canal revenue jumps 35% in Q1 2023

Egypt's Ministry of Planning has allocated investments worth about EGP 13.1 billion to the Suez Canal Authority in its 2022/2023 plan.

The aim is to increase the canal's production from EGP 103.9 billion in 2021/2022 to EGP 120.3 billion in 2022/2023, representing a growth rate of 15.8%.

Moreover, the plan aims to increase the Suez Canal's gross domestic product by 7%, from EGP 100.5 billion in 2020/2021 to EGP 107.6 billion in the plan's year, with an increase in production to EGP 118.4 billion, representing a growth rate of 17.8% from the previous year.

In the first quarter of this year, revenues of the Suez Canal jumped by 35% to reach $2.3 billion, with the number of ships passing through the canal increasing by 20%.

The revenue also increased by approximately 35% compared to last year. On March 13, the canal recorded its highest daily crossing rate in history, with 107 ships carrying 6.3 million tons of cargo.

In addition, the Suez Canal achieved its highest revenue in history last year, with a value of $8 billion, representing a 25% increase from 2020, according to a previous statement by the authority.

This investment plan comes as the Suez Canal continues to demonstrate its significance in global trade, as the shortest and quickest route for cargo ships between Europe and Asia.