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The number of vessels transiting through the Suez Canal, a major foreign currency earner for Egypt, has reduced to one-third due to Houthi attacks in the Red Sea, Japan External Trade Organization (JETRO) recently unveiled on its website.

An average of 30.3 tankers and cargo freighters passed through the Suez Canal on May 1-7, which plunged 62.7% year on year from 81.1, according to PortWatch, an online platform developed jointly by the International Monetary Fund (IMF) and the University of Oxford to provide ship data from satellite information.

Declines have increased over time. In January, the average fell 36.4% year on year from 71.3 to 45.4; in February, 44.5% from 69.6 to 38.6; in March, 52.6% from 72.1 to 34.1; and in April, 54.6% from 77.9 to 35.4.

In June 2020, when the daily average plummeted due to supply chain disruptions resulting from the coronavirus pandemic, it was 47.


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