Advertising
News4Social English
  • News
    • National
    • Education
    • Review
    • Space
    • Environment
  • Health Trends
  • Business
  • Lifestyle
  • Travel
  • Cryptocurrency
  • Sports
  • World
No Result
View All Result
  • News
    • National
    • Education
    • Review
    • Space
    • Environment
  • Health Trends
  • Business
  • Lifestyle
  • Travel
  • Cryptocurrency
  • Sports
  • World
No Result
View All Result
News4Social English
No Result
View All Result
Advertising
Home World

Egypt’s revenue from the Suez Canal plunged sharply in 2024

April 17, 2025
in World
Reading Time: 1 min read
Egypt’s revenue from the Suez Canal plunged sharply in 2024
295
SHARES
1.4k
VIEWS
Share on TwitterShare on Telegram

Advertising

Egypt’s revenue from the Suez Canal plunged sharply in 2024

Advertising

CAIRO — Egypt’s revenue from the Suez Canal plunged by almost two thirds last year, officials said Wednesday, attributing the sharp drop to regional tensions and wars in the Middle East that have impacted traffic through the key waterway.

Advertising

The canal is a major source of foreign currency for the Egyptian government, with about 10% of world trade flowing through the waterway in recent years.

RelatedPosts

A renowned mountain guide puts clients on Everest summit less than a week after they left London

A renowned mountain guide puts clients on Everest summit less than a week after they left London

May 21, 2025
Germany says it broke up a far-right group that planned attacks. 5 teens arrested

Germany says it broke up a far-right group that planned attacks. 5 teens arrested

May 21, 2025

The Suez Canal Authority, which runs the waterway, said the canal generated an annual revenue of $3.991 billion in 2024, down from a historic high of $10.25 billion in 2023, according to a statement posted on its Facebook page.

Advertising

Canal traffic has been significantly disrupted after Yemen’s Iran-backed Houthi rebels started to threaten maritime trade and targeting vessels heading to Israel through the Suez Canal to pressure Israel to stop the war in Gaza, which started on Oct. 7, 2023.

Between November 2023 and January 2024, the Houthis targeted over 100 merchant vessels with missiles and drones, sinking two ships and killing four sailors. The rebels insisted the attacks would continue as long as the wars go on and have devastated shipping through the region.

According to the Egyptian canal authority, only 13,213 ships passed through the canal in 2024, marking a 50% decline compared to the number of ships in 2023, when over 26,000 ships passed through.

Advertising

Still, canal authority chief Osama Rabie said that the attacks challenge the region but have not prevented Egypt from continuing to provide its navigational and maritime services in the Suez.

The International Monetary Fund reported in March 2024 that the Suez Canal trade dropped by 50% in the first two months of that year, compared to the previous year, citing attacks on vessels in the Red Sea.

Advertising

Egyptian President Abdel Fattah el-Sissi’s government in 2015 completed a significant expansion of the Suez Canal, adding a second shipping lane and allowing it to handle some of the world’s largest vessels.

The canal, which connects the Mediterranean and the Red seas, was opened in 1869. It serves as a vital artery for global trade — a crucial link for oil, natural gas and cargo. The canal authority operates a system of convoys, consisting of one northbound and one southbound per day.

Check More Latest Sports News Click Here– Latest Sports

Check More Latest News in World Click Here– Latest World

Related Posts

A renowned mountain guide puts clients on Everest summit less than a week after they left London
World

A renowned mountain guide puts clients on Everest summit less than a week after they left London

May 21, 2025
Germany says it broke up a far-right group that planned attacks. 5 teens arrested
World

Germany says it broke up a far-right group that planned attacks. 5 teens arrested

May 21, 2025
South Africa’s leader aims to salvage relationship with Trump in White House visit
World

South Africa’s leader aims to salvage relationship with Trump in White House visit

May 21, 2025
UN warns of ‘ongoing tragedy’ as Indigenous groups in Colombia face extinction
World

UN warns of ‘ongoing tragedy’ as Indigenous groups in Colombia face extinction

May 21, 2025
Tigers, jaguars and elephants are the latest to flee cartel violence in Mexico’s Sinaloa
World

Tigers, jaguars and elephants are the latest to flee cartel violence in Mexico’s Sinaloa

May 21, 2025
3 coal mine workers killed in China after water rushes in
World

3 coal mine workers killed in China after water rushes in

May 20, 2025
UK court sentences Egyptian man to 25 years for smuggling people from Africa to Italy
World

UK court sentences Egyptian man to 25 years for smuggling people from Africa to Italy

May 20, 2025
A car runs a red light and kills 3 people in Taiwan, including two 12-year-old girls
World

A car runs a red light and kills 3 people in Taiwan, including two 12-year-old girls

May 20, 2025
Taiwan’s pres. downplays tariff tensions with the US as ‘frictions between friends’
World

Taiwan’s pres. downplays tariff tensions with the US as ‘frictions between friends’

May 20, 2025
New US ambassador to Mexico formally arrives at time of busy binational agenda
World

New US ambassador to Mexico formally arrives at time of busy binational agenda

May 20, 2025

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • The Galaxy Buds 3 Pro are More Impressive for 24% Off
  • Meet Paul Sztorc, the Mind Behind Bitcoin Drivechain – Crypto News Flash
  • A renowned mountain guide puts clients on Everest summit less than a week after they left London

Category

  • Brand Stories
  • Business
  • Cryptocurrency
  • Culture
  • Education
  • Entertainment
  • Environment
  • Health Trends
  • Latest News
  • Lifestyle
  • National
  • News
  • Opinion
  • Review
  • Science
  • Space
  • Sports
  • Technology
  • Travel
  • Uncategorized
  • World

Recent News

The Galaxy Buds 3 Pro are More Impressive for 24% Off

The Galaxy Buds 3 Pro are More Impressive for 24% Off

May 21, 2025
Meet Paul Sztorc, the Mind Behind Bitcoin Drivechain – Crypto News Flash

Meet Paul Sztorc, the Mind Behind Bitcoin Drivechain – Crypto News Flash

May 21, 2025
  • About
  • Advertise
  • Careers
  • Contact
  • Science
  • Environment
  • Education
  • Guest Post on News 4 Social

© 2025 News4Social - All Rights Reserved. Guild King Pvt. Ltd. News4Social.

No Result
View All Result
  • News
  • Business
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion
  • Cryptocurrency
  • Entertainment

© 2025 News4Social - All Rights Reserved. Guild King Pvt. Ltd. News4Social.

Advertising