Suez Canal: November Sees First Year-On-Year Revenue Rise Since February

*The Suez Canal is a vital source of government revenue for Egypt, as well as a key conduit for Europe-Asia trade. Alongside tourism, it is the key item on the positive side of Egypt’s balance of payments ledger, bringing in a record $5.73bn for 2018-19 (MEES, 6 December 2019).

*But, alongside tourism, Suez revenues have been hit hard by Covid-19, which whacked global trade flows. Revenues fell year-on-year from March, with the shortfall peaking at 15% in June (MEES, 4 September). Monthly revenues have gained since, with November’s $488mn the first year-on-year increase since February. Gross tonnage has also steadily increased from June’s low, with November’s 100.2mn tons only just down year-on-year. (CONTINUED - 203 WORDS)