Egypt’s Suez Canal revenues rose to $ 447.1 million in July from $427.2 million in June, the government said on Tuesday.
The canal is the fastest shipping route between Europe and Asia and one of the government’s main sources of foreign currency. Egypt has been struggling to revive its economy since a 2011 uprising hit tourism and foreign investment.
A recent press release by the canal’s authority said that almost 100% of the vessels engaged in Asia-Europe trade cargo now transit the Suez Canal.
The head of the Suez Canal Authority, Mohab Mamish, pointed out that the waterway’s share of the cargo trade between the East Coast of the United States and Southeast Asia had increased to 52% in 2016, compared to 25% in 2006.
Moreover, the canal’s revenues from March to July 2017 reached $ 2.167 billion compared to $ 2.105 billion in the same period of 2016, an increase of 3%.
Transit activity has also been on the rise since the canal expansion was completed, a pattern that has continued this year.
A total of 7294 ships passed through the waterway between March and July, almost 4% more than in the same months of 2016.
A new record of 97 vessels in a single day has also been set, Mamish confirmed, while the new Suez Canal has contributed to shortening the waiting and transit time for southbound vessels by 7 hours.