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Egypt reports $700 million loss amid Red Sea disruptions
Posted on March 4, 2024 |
Egypt has suffered a loss of over $700 million in Suez Canal revenues due to ongoing disruptions in Red Sea shipping.
The ongoing tensions in the region indicate that these revenue losses may continue.
In January, the Suez Canal saw a substantial drop in receipts, decreasing by 46.7% year-on-year to $428 million, underscoring the economic impact of the disruptions.