Suez Canal sees a 23% revenue drop in FY 2023/2024 due to Red Sea crisis

Posted on July 19, 2024   |  

The Suez Canal's annual revenue fell by 23.4% in FY 2023/2024, dropping to $7.2 billion from $9.4 billion the previous year.

The number of ships using the Suez Canal decreased to 20,048 in FY 2023/2024, down from 25,911 in the prior fiscal year.

The revenue drop is linked to the Red Sea crisis affecting global trade routes.

The Suez Canal, crucial for 12% of global trade, is a major source of foreign currency for Egypt.

Egypt is dealing with ongoing economic issues despite the canal's importance in international trade.

The revenue decline underscores the canal's susceptibility to geopolitical and economic challenges.