Loss faced by Egyptian economy due to Suez Canal for 2024

Egypt government faced a reduction of revenue for 7 billion USD for year 2024 which is 60% less than 2023. Since Nov 2023 Houthi rebels are attacking the vessels moving through Red Sea leading to drastic reduction in vessel movement passage from Suez Canal.

Egypt’s dependency on Suez Canal - Before Red Sea Challenge the average share of the Suez Canal Collection was approx. 2% of GDP of Egypt. In The 2022 the GDP of Egypt’s Economy was approx. 477 billion USD.

Importance of Suez Canal

•    The Suez canal gives way to around 15 – 20 % global trade.

•     It gives to around 30% of containers trade

• Most important it gives much lower transit and connects East to West.