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Global trade faces $1.25 trillion blow due to Red Sea and Panama Canal delays
Posted on September 16, 2024 |
Disruptions in the Red Sea and Panama Canal led to an estimated $1.25 trillion loss between October 2023 and May 2024.
The Red Sea trade saw major impacts on crude oil, plastic materials, phones, cars, and clothing.
Panama Canal restrictions in 2023 affected goods like LPG, crude oil, cars, and passenger vehicles.
Blockages at these key shipping routes disrupted global supply chains and shipping schedules.
Ships are taking longer routes, causing delays and increased costs.
The trade impact has created challenges for industries dependent on these critical shipping lanes.