Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
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.