*The dislocation of trade flows precipitated by Russia’s February invasion of Ukraine has badly hit the economy of Egypt, one of the world’s key importers of grain and other foodstuffs. As Egypt’s import bill has soared the country’s foreign reserves have slumped to a five-year low (MEES, 10 June).
*But these same trade dislocations have also gifted Egypt a key source of windfall earnings. With, for example, record volumes of Russian crude heading to India (MEES, 1 July), and soaring quantities of Russian fuel oil heading south to Saudi Arabia (MEES, 8 July), the Suez Canal has seen a surge in both volumes and revenues. (CONTINUED - 580 WORDS)