Revenues of Egypt's Suez Canal Drop by 57.2 Percent Due to Red Sea Tension
TEHRAN (ANA)- The Suez Canal transit receipts decreased by 57.2 percent to register 959.3 million U.S. dollars in the first quarter of 2024, according to a statement released by the Central Bank of Egypt (CBE).
The statement said the Suez Canal transit receipts decreased by 7.4 percent from July 2023 to March 2024, recording 5.8 billion dollars, compared to 6.2 billion dollars in the same period of the previous year.
The net tonnage declined by 15.6 percent to register 944.9 million tons, and the number of transiting vessels dropped by 11.5 percent from July 2023 to March 2024, the CBE added.
Egypt's fiscal year starts on July 1 and ends on June 30 of the next year.
The CBE noted that the decrease stemmed primarily from the Red Sea maritime traffic disruptions which forced several commercial shipping companies to divert their shipping routes.
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