2024-01-26 11:30:06
Trade passing through the Suez Canal has fallen 45% in two months since attacks by the Houthis led shipping groups to divert cargo, disrupting already strained maritime trade routes, according to the UN agency UNCTAD.
UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warns of higher inflation risks, food security uncertainty and increasing greenhouse gas emissions.
Shipping companies have been diverting ships from the Red Sea since the Iran-backed Houthis, who control most of Yemen’s populated areas, began attacking ships transiting those waters, in what they call support to the Palestinians in Gaza. However, most of the targeted vessels have no proven connection to Israel. The United States and Britain responded with airstrikes once morest the Houthis. According to the agency, 39% fewer ships than in early December passed through the canal, leading to a 45% drop in cargo tonnage.
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