The Suez Canal is beginning to reclaim its position at the heart of global maritime trade, with rising vessel traffic and the return of major shipping services suggesting that the waterway is emerging from one of the most difficult periods in its history. In August, 1,358 vessels transited the canal, up 27 percent from 1,070 vessels during the same month last year, according to a statement by Suez Canal Authority Chairman Osama Rabie on Sunday, 20 September. Net tonnage rose by more than half to 68.3 million tonnes, while monthly revenues reached USD 567.1 million, compared with USD 326 million a year earlier. Why this matters For Egypt, more traffic means more revenue from one of its most important sources of foreign currency. It could also signal that one of the world’s most important shipping routes is becoming more reliable again, which matters to Egyptian businesses and consumers because the cost of transporting goods internationally can eventually show up in domestic prices. A large number of products sold in Egypt depend, directly or indirectly, on international trade. Egypt imports finished consumer goods as well as the raw materials, machinery,Continue reading "Why the Suez Canal’s Recovery Matters for Egypt’s Economy"
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