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Asia, Forex

Egypt’s Suez Canal revenues in FY 19/20 fall to $5.72 bln – statement

CAIRO (Reuters) – Egypt’s Suez Canal revenues fell to $5.72 billion in the 2019/20 financial year from $5.75 billion in the year prior, the canal authority said on Saturday.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government’s main sources of foreign currency.

Revenues fell by 9.6% year-on-year in May alone, due to the impact of the coronavirus on global trade movement, Osama Rabie, chairman of the canal authority said in June.

(Reporting by Youssry Ahmed and Momen Saeed Atallah; Writing by Nadine Awadalla, Editing by William Maclean)

A cargo ship is seen crossing through the New Suez Canal

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