Egypt’s economy at risk

Egypt is facing huge economic problems caused by the Israel-Palestine conflict. Supply chains relying on the Suez Canal are at risk.

#Egypt #economy #SuezCanal

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When a gigantic shipping vessel blocked the sus canal in 2021 it hugely disrupted the flow of global trade many ships got stuck in the channel the blockage caused losses amounting to some 10 billion US fears are growing that a similar situation is eminent after many firms diverted their ships away from the

Red Sea following increased attacks by Yemen’s Hoy Rebels there is global economic instability Egypt is facing shortages or foreign currencies which makes any impact on the SE Canal a huge problem given that it’s the most important waterway in the world it will have a consequence on Egypt’s foreign currency

Earnings Supply Chains would be greatly impacted as shipping time and costs increase eight shipping firms are avoiding the Red Sea route fearing further attacks on their vessels 12 more say they’re considering a long route all around Africa to the SE Canal the US is leading an International Coalition that

Deployed Naval forces in the region to avoid further attacks on ships by huis who have said they will Target vessels heading to Israel some Egyptian experts say the situation can be contained the hoodis are not targeting all vessels only those that carry the Israeli flags and the ships heading to

Israel any other ship is not threatened in addition the US lead forces are controlling the region and protecting navigation and trade vessels this creates assurances and establishes security so all other red SE countries will not be affected the rout through the Cape of Good Hope in southern Africa is 40%

Longer for vessels connecting Asia with Europe compared to the one through Egypt sus Canal that not only adds 10 extra days to regular shipping time but it also decreases the effective capacity of vessels by 25% and increases the cost of shipments as more fuel and Manpower is

Needed after some of the world’s biggest shipping firms announced avoiding the Red Sea oil prices increased by about $2 a barrel so far the sus Canal Authority says that only dozens of ships have rerouted which is somewhat an insignificant number compared to the more than 2,000 ships that cross the

Canal every month however if the rerouting is sustained the impact on Egypt and the World Trade will grow I Mah cgtn Cairo