Revenues Of Egypt's Suez Canal Drop By 57.2 Percent Due To Red Sea Tension: Central Bank

(MENAFN- Nam News Network) CAIRO, Jul 9 (NNN-MENA) – The Suez Canal transit receipts decreased by 57.2 percent, to register 959.3 million U.S. dollars, in the first quarter of this year, according to a statement released yesterday, by the Central Bank of Egypt (CBE).

The statement said, the Suez Canal transit receipts decreased by 7.4 percent from Jul, 2023 to Mar, 2024, recording 5.8 billion dollars, compared to 6.2 billion dollars in the same period of the previous year.

The net tonnage declined by 15.6 percent to register 944.9 million tonnes, and the number of transiting vessels dropped by 11.5 percent from Jul, 2023 to Mar, 2024, the CBE added.

Egypt's fiscal year starts on Jul 1, and ends on Jun 30 of the following year.

The CBE noted that, the decrease stemmed primarily from the Red Sea maritime traffic disruptions, which forced several commercial shipping companies to divert their shipping routes.

Since the outbreak of the Gaza conflict last Oct, Yemen's Houthis have repeatedly attacked ships in the Red Sea that have links to Israel.

The United States and Britain launched several airstrikes on Houthi military sites in the Yemeni capital, Sanaa, and other provinces under the Houthis' control, since Jan, in response to the Houthi attacks in the region.

The Suez Canal, carrying 12 percent of global trade, is a crucial source of foreign currency for Egypt.– NNN-MENA

MENAFN09072024000200011047ID1108420446