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Red Sea shipping crisis set to disrupt global trade- UNCTAD
Posted on February 5, 2024 |
UNCTAD expressed concerns about the Red Sea shipping crisis, cautioning about its potential to disrupt global trade significantly.
Developing nations are expected to be particularly affected, with the crisis impacting global food prices due to longer cargo travel distances and increased freight rates.
The disruption in grain shipments from Europe, Russia, and Ukraine is identified as a threat to global food security, affecting consumers and reducing prices for producers.
Recent attacks on Red Sea shipping, along with existing geopolitical and climate-related challenges, contribute to a complex crisis affecting major global trade routes.
UNCTAD estimated a 42% decrease in weekly transits through the Suez Canal over the last two months.