Global trade declined by 1.3 per cent from November to December 2023 as militant attacks on merchant vessels in the Red Sea led to a plunge in the volumes of cargo transported in that key region, a German economic institute.
Currently, around 2 lakh containers are being transported via the Red Sea daily, down from some 5 lakh per day in November, the IfW Kiel Institute said.
Diversions in response to the attacks have led to journeys between Asian production centres and European consumers taking up to 20 days longer, said Julian Hinz, director of the IfW Kiel’s trade policy research centre.
