How Much Egypt Earn from Suez Canal (March) Some Facts! >> Read the blog to know more about the world’s most significant trading route is and what is the revenue amount from this route.
How Much Egypt Earn from Suez Canal? Netizens are wondering the answer.
The man-made sea-level water route- Suez Canal is one of Egypt’s primary income sources. The recent report reveals a giant ship has stuck in this canal and created hazards for around 206 water vessels. It might affect India, United States oil and gas trading that ultimately leads to a reason for the revenue loss.
Continue to read and stay updated about this matter as we will be going to put some light on it to provide you genuine information regarding this matter.
Table of Contents
Suez Canal:
The Suez Canal (In Arabic, it is known as Qanātu s-Suways) is a human-made, mean sea level water canal that connects the Red Sea and Mediterranean sea via the ‘Isthmus of Suez’ and divides Asia and Africa continent. How Much Egypt Earn from Suez Canal? First, let’s know about a bit more-
The canal building proposal was taken in the year 1858 by a French Diplomat Ferdinand De Lesseps by forming the ‘Suez Canal Company.’ It took ten years to build, started from 1859, ended in 1869, and officially opened to public use on 17th November 1869.
It approaches water vessels a direct route path between the northern Indian Ocean and North Atlantic Ocean through the Red Sea and the Mediterranean Sea. Therefore it reduces the journey distance between the Arabian Sea and the United Kingdom, approx. 8900 Km.
How Much Egypt Earn from Suez Canal?
Suez Canal has become a significant source of income for the Egypt Government. The approximate daily average earning amount is 15 million US Dollars. However, in past years the revenue had got reduced- In 2019-2020, the earning were 5.6 Billion dollars, and in contrast to earnings in 2018-2019, the amount was 5.9 Billion dollars.
From the current sources, it has been revealed that Suez Canal got blocked by a large container ship- Ever Given. The rescue company’s CEO Peter Bedrowski said that Ever Given’s rescue could take a single day to a week.
What will be the after effect?
How Much Egypt Earn from Suez Canal? Following the question, it can directly affect negatively in revenue. According to a report, the world’s 10% of oil trade and 8% natural gas trade occurs via Suez Canal, significantly from the Gulf.
Among the ships stuck in this canal, ten oil tanker ships are there, carrying approximately 13 million oil barrels.
Egypt’s government expected to lose around 16% due to these hazards. There is a considerable chance that other gas and oil trading routes may take away the Suez Canal business.
Wrapping Up:
As we have disclosed the answer of ‘How Much Egypt Earn from Suez Canal?’ but the revenue may be reduced, due to recent unsolicited situation.
As per the data, approx. 12% of world trade journey takes place through this canal. According to SCA (Suez Canal Authority), in 2020, an average of 51 ships had passed daily via the Suez waterway- according to SCA (Suez Canal Authority).
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