UNCTAD.org 26 January 2024
The organization warns that escalating attacks on ships in the Red Sea are adding strain to shipping routes already hit by conflict and climate change.
The UN’s trade and development body, UNCTAD, has raised profound concerns over escalating disruptions to global trade.
It says that recent attacks on ships in the Red Sea, combined with geopolitical tensions affecting shipping in the Black Sea and the impacts of climate change on the Panama Canal, have given rise to a complex crisis affecting key trade routes.
UNCTAD’s head of trade logistics, Jan Hoffmann, outlined the organization’s detailed analysis of the situation at the UN’s daily press briefing on 26 January. He underlined maritime transport’s critical role in international trade, noting that it is responsible for approximately 80% of the global movement of goods.
Disruptions in the Black Sea and Panama and Suez Canals
The Suez Canal, a critical waterway connecting the Mediterranean Sea to the Red Sea, handled approximately 12% to 15% of global trade in 2023. UNCTAD estimates that the trade volume going through the Suez Canal decreased by 42% over the last two months.
Red Sea crisis: Suez Canal traffic plummets
Suez Danal, daily transits, 28-day rolling average, 2016–23 January 2024, Index, Average=100201620172018201920202021202220232024020406080100120140160180200
Total
Bulkcarriers
Containerships
Oil
Tankers
The ongoing conflict in Ukraine has also triggered substantial shifts in oil and grain trades, reshaping established trade patterns.
Meanwhile, the Panama Canal, another key artery for global trade, is grappling with a severe drought that has diminished water levels, resulting in a staggering 36% reduction in total transits over the past month compared to a year ago.
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