Egypt’s Suez Canal revenue saw a dramatic drop in 2024, plummeting nearly two-thirds from an all-time high of $10.25 billion in 2023 to $3.99 billion. The decrease is primarily due to regional instability, including the ongoing conflict in the Middle East and threats from Yemen’s Houthi rebels. The Houthis began threatening maritime traffic in the region to pressure Israel to stop its war in Gaza. Between November 2023 and January 2024, the Iran-backed rebels targeted over 100 vessels with missiles and drones, successfully sinking two ships and killing four sailors. As a result, only 13,213 ships passed through the canal in 2024, representing a 50% decline compared to the previous year.
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