Suez Canal traffic up 4% in FY 2019/2020

The Suez Canal saw a Year on Year increase in its traffic by 4% in the fiscal year (FY) 2019/2020, according to the Cabinet’s media center.

The canal’s revenues slightly fell to $5.7 billion (EGP 90.80 billion) in FY 2019/2020, compared to $5.8 billion ( EGP92.39 billion) reported year earlier.

The decline is mainly attributed to a coronavirus-fulled drop in the world trade traffic by 18.5% in the second quarter of 2020.

In May, the Suez Canal Authority reduced fees for all container ships crossing the canal.
Source: Arab Finance