Tue, 16 Aug 2022

CAIRO, July 4 (Xinhua) -- Egypt's Suez Canal Authority (SCA) on Monday reported record-breaking revenue of seven billion U.S. dollars for the fiscal year 2021/2022, up 20.7 percent from a year earlier.

"The income is the highest figure ever recorded and is over a fifth higher than the previous fiscal year's 5.8 billion U.S. dollars in transit fees," said SCA Chairman Osama Rabie, adding some 1.32 billion tons of cargo were shipped through the canal in the fiscal year, which ended on June 30.

Ongoing global crises have proved the importance of the Suez Canal in guaranteeing the sustainability of global supply chains, he added.

The Suez Canal is a major lifeline for global seaborne trade since it allows ships to travel between Europe and South Asia without navigating around Africa, thereby reducing the sea voyage distance between Europe and India by about 7,000 km.

Around 12 percent of the world's trade passes through the man-made canal, which is a major source of hard currency in Egypt.

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