Suez Canal hit record high $8bn revenue in 2022

Cairo, Jan 26 : Egypts Suez Canal posted a record-high annual revenue of $8 billion in 2022 from the passage and transit of 23,851 ships.

The Suez Canal Authority (SCA) said in a report on Wednesday that the number of ships crossing the waterway increased by 8 per cent in the seven years following the completion of a canal development project in 2015, with 135,000 ships crossing the canal in 2016-2022 compared to 125,000 ships in 2008-2014, reports Xinhua news agency.

Both the canals revenue and the number of passing ships grew in recent years despite "the successive challenges" of the Covid-19 pandemic and the ongoing Russia-Ukraine war, according to the Egyptian authority running the waterway.Linking the Mediterranean Sea with the Red Sea, the Suez Canal was officially opened for international navigation in 1869, serving as a lifeline for global seaborne trade.

About 12 per cent of the worlds trade passes through the man-made canal #Suez #Canal #Telugu #TeluguStop #Jan #Covid-19.