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The volume of trade through the Suez Canal, which is suffering as a result of the events in the Red Sea, has decreased by 42% over the past two months, according to what the United Nations announced.
“We are very concerned about the situation in the Red Sea, which increases trade disruptions linked to geopolitics and climate change,” said Jan Hoffmann, an official at the United Nations Trade and Development Organization (UNCTAD).
According to UNCTAD, the volume of trade through the Suez Canal decreased by 42% in the past two months due to events hindering transit through the Red Sea, as the weekly number of container ship crossings decreased by 67% on an annual basis.
The UNCTAD expert stressed that trade disruptions in the Red Sea raise concerns, given that “more than 80%” of global trade in goods takes place by sea and because “other important routes are also under pressure.”
Transit through the Black Sea was largely disrupted after the Russian war on Ukraine, which led to a rise in global food prices in the months that followed.
Source: Agence France-Presse