2024-01-11T13:28:52+00:00
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/ Military attacks on commercial ships in the Red Sea caused a decrease in the volumes of goods transported through it, as a result of which global trade declined by 1.3% last December, on a monthly basis.
According to data issued by the German Kiel Institute for the World Economy, about 200,000 containers are transported through the Red Sea daily at the present time, compared to 500,000 containers last November.
According to Julian Haines, director of the institute’s Center for Trade Policy Research, flight diversions due to the attacks resulted in trips between production centers in Asia and consumers in Europe taking about 20 days longer.
He added: This is also reflected in the decline in trade numbers for Germany and the European Union, as the transported goods are still at sea and have not been unloaded at the ports as planned.
Exports from and imports to Europe declined by about 2% and 3.1%, respectively, while America witnessed a decline in exports by about 1.5% and a decline in imports by 1%. While China bucked this prevailing trend, exports rose by 1.3% and imports by about 3.1%.
International shipping companies Maersk and Hapag-Lloyd are sending their ships on longer and more expensive routes around the Cape of Good Hope, to avoid attacks targeting ships in the Red Sea.