Trade volume through the Suez Canal has fallen by 42 percent in the past two months, hit by Yemeni Houthi attacks in the Red Sea. That’s what the United Nations says, concerned about the effects of global trade as a whole.

“We are deeply concerned about attacks on maritime transport in the Red Sea (…) that exacerbate trade disruption due to geopolitics and climate change,” John Hoffman of the UN Conference on Trade and Development (UNCTAD) said on Thursday.

According to UNCTAD, trade volume through the Suez Canal has dropped by 42 percent in the past two months due to Houthi attacks. Because of these attacks, ship owners have decided to stop traffic through the Red Sea and bypass Africa.

The number of weekly container crossings is down 67 percent year-on-year. “Because it’s mainly the largest container ships that don’t use the Suez Canal, the decline in container numbers is even greater,” Hoffman said.

Tanker traffic is down 18 percent, bulk cargo (grain, coal, etc.) is down 6 percent and gas traffic has stagnated.

Since November, Yemen’s Houthis have targeted ships in the Red Sea and Gulf of Aden that they say are linked to Israel, in “solidarity” with Palestinians in Gaza. (Belga)