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Date: 28/03/2024

Red Sea crisis seen impacting trade volumes in 2024
 
The Red Sea crisis will adversely impact trade volumes in substantial ways in 2024, especially given escalating attacks and no end in sight, according to a report by the Global Trade Research Initiative (GTRI). The rising shipping and insurance costs and delayed arrival of shipments will continue to disrupt global value chains, squeeze margins, and make exports of many low-margin products unviable from current locations. Countries in Asia, Africa and Europe will face the most disruption across industries. The disruption is also impacting Indian trade, especially with the Middle East, Africa and Europe. About 65 per cent of India’s crude oil imports in FY2023, valued at USD 105 billion from countries like Iraq, Saudi Arabia and others, likely passed through the Suez Canal. In overall merchandise trade with Europe and North Africa, about 50 per cent of imports and 60 per cent of exports, totalling USD 113 billion, might have used this route, as per a report.
 
source: Exim News Service: New Delhi, March 27



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