Egypt Lost $150 Mln Due to Red Sea DisruptionsSource: www.export-egypt.com 1/22/2024, Location: Africa |
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Egypt has lost about $150 million in Suez Canal revenue due to ongoing Red Sea disruptions, according to Bloomberg’s Chief Emerging Markets Economist Ziad Daoud.
In a research note posted on his X account on Sunday, Daoud added that this amount is small in relation to Egypt’s annual $400 billion revenue. Annual revenue from the Suez Canal alone reached $8.8 billion in fiscal year 2022/2023. Trade volumes through the Suez Canal fell almost 44 percent on an annual basis during the week ending 19 January to a seven-day moving average of 2.8 million tons, as per data released by PortWatch, the International Monetary Fund’s (IMF) platform monitoring disruptions in maritime trade flows. Last week, Suez Canal Authority (SCA) Chairman Osama Rabie stated that ship traffic has decreased 30 percent in the canal since the beginning of 2024 compared to 2023. This data bodes ill for Egypt, which relies heavily on the revenues of the Suez Canal, as it strives to narrow a $17 billion fiscal gap through 2026. The number of vessels passing through the Suez Canal has severely dropped due to Houthi attacks targeting Israel-linked vessels near the strategic Bab Al-Mandeb Strait in the Red Sea to pressure Israel over its deadly war on the Gaza Strip. |
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