Freight going through the Suez Canal has dropped by 45 percent in the two months since attacks by Yemen’s Houthis led shipping groups to divert freight, disrupting already strained maritime trading routes, UN agency UNCTAD says.
UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warns of higher inflation risks, food security uncertainty, and increased greenhouse gas emissions.
Shipping companies have diverted ships from the Red Sea since the Iran-backed Houthis, who control most of the populated parts of Yemen, began attacking vessels transiting through the Red Sea in what it says is support for Palestinians in Gaza. Many of the vessels targeted, however, have no proven links to Israel.
The United States and Britain have responded with air strikes against the Houthis.
The agency says 39% fewer ships than at the start of December transited the canal, leading to a 45% decline in freight tonnage.
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