Suez canal breaks revenue record with $497 million in January 2020

Suez canal breaks revenue record with $497 million in January 2020

- The Suez Canal, located in Egypt, has realised a revenue of $458.2 million in February 2020

- This represents a drop in its revenue of $497.1 million in January 2020

- The canal, built from 1859 to 1869, serves as the fastest means of shipping goods between Europe and Asia

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The Suez Canal, located in Egypt, generated $458.2 million in February 2020, Briefly.co.za has learned.

This is an increase from the $433.9 million recorded in the same month of 2019, a report by Reuters shows.

In January 2020, revenue from the canal stood at $497.1 million which set a new record at the time. Unfortunately, the February figures showed a drop in revenue of around $38 million.

Egypt’s Suez Canal’s revenue goes over GHC2 billion in February 2020

Source: brittanica.com
Source: UGC

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The canal serves as the fastest means of shipping goods between Europe and Asia and it represents one of Egypt’s important sources of foreign currency.

The Suez Canal is a man-made sea-level waterway that links the Mediterranean Sea to the Red Sea through the Isthmus of Suez.

More often than not, it is described as the demarcation used to distinguish between Africa and Asia.

The canal was built by the Suez Canal Company from 1859 to 1869 and was officially opened on November 17, 1869.

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Meanwhile, African countries suffered serious internet blackouts in 2019 and it appears these were mostly manipulated for political reasons.

Shutdowns went up by 32% and 19 countries were affected.

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Source: Briefly.co.za

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