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
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

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

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.

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

Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press

Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press

May 12, 2025
Remains of 30 people believed killed by IS militants found in Syria

Remains of 30 people believed killed by IS militants found in Syria

May 12, 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.

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.

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.

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

Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press
World

Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press

May 12, 2025
Remains of 30 people believed killed by IS militants found in Syria
World

Remains of 30 people believed killed by IS militants found in Syria

May 12, 2025
US suspends Mexican live cattle exports over screwworm pest
World

US suspends Mexican live cattle exports over screwworm pest

May 12, 2025
A jazz club in Johannesburg plays its last songs and laments downtown's decline
World

A jazz club in Johannesburg plays its last songs and laments downtown's decline

May 11, 2025
Bangladesh's former ruling party slams government decision to ban all its activities
World

Bangladesh's former ruling party slams government decision to ban all its activities

May 11, 2025
Polish pres. candidates vow to put Poles first over millions of Ukrainian refugees
World

Polish pres. candidates vow to put Poles first over millions of Ukrainian refugees

May 11, 2025
What is the traditional Sunday blessing that popes deliver in St. Peter’s Square?
World

What is the traditional Sunday blessing that popes deliver in St. Peter’s Square?

May 11, 2025
Dutch-led Suriname team digitizes documents to preserve Jewish history in Caribbean
World

Dutch-led Suriname team digitizes documents to preserve Jewish history in Caribbean

May 11, 2025
South Korean conservative party fails in a bid to switch presidential candidates
World

South Korean conservative party fails in a bid to switch presidential candidates

May 11, 2025
Five fishermen who spent 55 days adrift at sea arrive in the Galapagos Islands after rescue
World

Five fishermen who spent 55 days adrift at sea arrive in the Galapagos Islands after rescue

May 11, 2025

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

Follow us on social media:

Recent News

  • Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press
  • MDA Space sees options for robotic arm technology should Gateway be canceled
  • Institutional investors contributed $882 million globally to surge in crypto investments last week

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

Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press

Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press

May 12, 2025
MDA Space sees options for robotic arm technology should Gateway be canceled

MDA Space sees options for robotic arm technology should Gateway be canceled

May 12, 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.