Egypt’s revenues from the Suez Canal saw a substantial increase of 42.3% in the first half of the current fiscal year, according to official data released by the Ministry of Finance.
The public treasury’s revenues from the Suez Canal, including both taxed and non-taxed revenues, reached EGP 41.29 billion from July to December 2022, compared to EGP 29.01 billion in the same period of the previous fiscal year.
The tax on the profits of the Suez Canal contributed significantly to the increased revenues, with EGP 23.97 billion collected during the six-month period, compared to EGP 14.4 billion in the same period of the previous fiscal year.
Non-tax revenues from the Suez Canal also saw a rise, reaching EGP 17.32 billion during the first half of the current fiscal year, compared to EGP 14.61 billion in the same period of the previous fiscal year.
The Suez Canal is a critical source of income for Egypt, providing a vital link between the Mediterranean and Red Seas and serving as a major international trade route.
Overall, Egypt’s total revenues for the six-month period from July to December 2022 rose to EGP 572.55 billion, compared to EGP 499.63 billion in the same period of the previous fiscal year.
Tax revenues also saw a significant increase, rising to EGP 461.76 billion from EGP 386.85 billion in the same period of the previous fiscal year. However, non-tax revenues declined slightly to EGP 110.78 billion from EGP 112.78 billion in the same period of the previous fiscal year.
The increase in revenues from the Suez Canal is expected to help boost Egypt’s economy and support the country’s efforts to recover from the pandemic’s impact. The Egyptian government has been working to implement a range of economic reforms to strengthen the country’s financial position and promote investment, and the rise in revenues is a positive sign that these efforts are paying off.