Wheat shipments through Suez Canal down 40%

Wheat shipments through Suez Canal down 40%

Shipments of wheat through the Suez Canal have fallen by 40 percent year-on-year as a result of the continuing crisis in the Red Sea, the World Trade Organisation’s Wheat Dashboard shows. Major shippers are avoiding the waterway, through which 15 percent of maritime commerce passes, causing supply chain disruptions and threatening a new wave of […]

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Shipments of wheat through the Suez Canal have fallen by 40 percent year-on-year as a result of the continuing crisis in the Red Sea, the World Trade Organisation’s Wheat Dashboard shows.

Major shippers are avoiding the waterway, through which 15 percent of maritime commerce passes, causing supply chain disruptions and threatening a new wave of global inflation.

The Suez Canal provides around 10 percent of Egypt’s current account income, the consultancy firm BMI estimates.

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Annual revenue from the canal was $10.25 billion last year, Osama Rabie, chairman and managing director of the Suez Canal Authority, told a talkshow on the MBC Masr TV channel earlier this month.

It is estimated that around 76 million