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Decline in Suez Canal Revenue Could Impact Egypt's Economy
According to the Suez Canal Authority (SCA), dollar revenues from the canal have decreased by 40% compared to the beginning of the year relative to 2023, while the volume of ship traffic has decreased by 30% compared to the same period.
A container ship in the Suez Canal (Image: Istock)
Admiral Osama Mounier Mohamed Rabie, Chairman and CEO of the Suez Canal Authority (SCA), stated that dollar revenues from the canal have fallen 40% since the beginning of the year compared to 2023, while the flow of ships has decreased by 30% compared to the same period.
According to Rabie, the number of ships passing through the Suez Canal has dropped to 544 this year, down from 777 during the same period in 2023.
Given the Suez Canal's critical importance to the Egyptian economy, accounting for 2% of the country's Gross Domestic Product (GDP), the crisis in the Red Sea and Suez Canal region could severely affect the financial figures of the country.
Although financial analysts currently see the economic impact of the crisis as limited, there are concerns that the situation could worsen if traffic through the canal continues to be disrupted.
Recent attacks by US and UK forces on Yemen could exacerbate the crisis. Former Egyptian Deputy Foreign Minister Hussein Haridi indicated that US and UK attacks in Yemen could harm Egypt's already struggling economy and added that these attacks could also lead to a broader conflict, affecting the security and economy of the Middle East and Europe.
See more:
- Red Sea-Suez Crisis: Shipping Rates from Asia to Northern Europe and Mediterranean Quadruple
- Is the Sudden Spike in Container Freight Rates an Overreaction to the Red Sea Diversions?
- Charter rates for container ships soar due to Red Sea route diversions
Source: Phaata.com (According to Container News)
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