2024-01-25 23:36:54
Trade volume passing through the Suez Canal, which is suffering from attacks by Yemeni Houthi rebels in the Red Sea, has fallen by 42% in the last two months, according to the UN.
“We are very concerned regarding attacks on shipping in the Red Sea (…), that exacerbate trade disruptions linked to geopolitics and climate change”declared Thursday, January 25, during a press conference, Jan Hoffmann, an official of the United Nations body responsible for trade and development (UNCTAD).
According to UNCTAD, due to Houthi attacks, which pushed shipowners to suspend transits through the Red Sea and bypass Africa, the volume of trade via the Suez Canal has fallen by 42% in the last two month. And the weekly number of container ship transits fell by 67% year-on-year. “As the largest container ships are mainly those which no longer use the Suez Canal, the decline in the quantity of containers is even more significant”noted Mr. Hoffman.
The drop in tanker transit is 18%, that of bulk cargo ships (grain, coal, etc.) is 6%, and gas transport is at a standstill.
Other maritime routes “under tension”
Since November 2023, Yemeni Houthi rebels have said they have targeted ships in the Red Sea and the Gulf of Aden that they believe are linked to Israel, “solidarity” with the Palestinians in Gaza, who are suffering from the vast military operation launched by Israel following the unprecedented attack carried out on October 7 on its soil by the Islamist movement Hamas.
The disruptions to trade in the Red Sea are all the more worrying as “more than 80%” of global trade in goods is carried out by sea and that “other important roads are already under tension”underlined the UNCTAD expert.
Thus, transit via the Black Sea was largely disrupted following Russia’s invasion of Ukraine, causing a surge in global food prices in the months that followed. And due to a drought, the water level in the Panama Canal has dropped significantly, reducing traffic. Thus, in December 2023, the number of passages through this canal fell by 36% compared to a year earlier, and by 62% compared to two years earlier, according to UNCTAD.
“Prolonged disruptions on major trade routes might impact global supply chains, leading to delays in deliveries of goods, increased costs and the risk of inflation”notes the UN agency, worrying in particular regarding world food prices.
1706231399
#worries #drop #commercial #traffic #Suez #Canal