The SCA head highlighted the impact of Red Sea tensions on the maritime transport market, trade movement, and global supply chains
Total revenues from the canal during the period was recorded at $5.8 billion, down from $6.2 billion in the previous year, according to the latest data from the Central Bank of Egypt (CBE)
The deficit widened mainly due to a drop in Egypt's oil trade balance, which swung from a $1.7 billion surplus to a $5.1 billion deficit, driven by a decline in natural gas production that pushed oil and gas exports down by 61%
The sources explained that the number of ships crossing during last May recorded 1,111 ships, compared to the same period in 2023, which recorded 2,396 crossings, a decline of 1,285 ships.
He emphasized that the expenditure on supporting petroleum resources has surged, nearing EGP 200 billion.
