Suez Governorate
Suez Canal revenue collapsed from $10.3 billion (2023) to $4 billion (2024)—a 90% container traffic drop from Houthi attacks demonstrates single-chokepoint vulnerability at continental scale.
Suez Governorate hosts the southern terminus of the canal that bears its name—a 193-kilometer chokepoint through which 12% of global trade flowed until Houthi attacks triggered the 2024 shipping crisis. Revenue collapsed from $10.3 billion (2023) to $4 billion (2024)—a two-thirds plunge. Q4 2024 alone generated only $880.9 million versus $2.4 billion the prior year.
The traffic numbers are stark: 13,213 ships transited in 2024 versus 26,000+ in 2023—a 50% decline. Container ship traffic specifically dropped 90%. November 2023 saw 2,068 transits; by October 2024, only 877 ships passed through. The Houthis attacked over 250 vessels by late 2024, forcing rerouting around the Cape of Good Hope.
This represents Egypt's most acute economic vulnerability. Canal revenues constitute 2% of GDP and a critical hard currency source for a nation facing severe foreign exchange shortages. The $8+ billion in lost revenue since attacks began strains an already fragile economy. Bread prices quadrupled in May 2024 as fiscal pressure mounted.
A May 2025 US-Houthi ceasefire offered temporary relief; larger shipping operators began resuming Red Sea transits by January 2025. But insurance costs surged from 0.2-0.3% to 1% of ship value by July 2025 when attacks resumed. Suez demonstrates how single-point infrastructure creates systemic vulnerability.