42% drop in Suez Canal traffic following Houthi attacks: UN

NEW YORK The volume of commercial traffic passing through the Suez Canal has fallen more than 40 per cent in the last two months after attacks by Yemen’s Houthi rebels, according to the United Nations, raising concerns for global trade.

The Iran-backed Houthis say they are targeting what they consider Israeli-linked commercial and military shipping in the region in solidarity with Palestinians in Gaza, pushing some cargo carriers to take longer and more expensive routes to avoid attacks.

“We are very concerned that the attacks on Red Sea shipping are adding tensions to global trade, exacerbating existing) trade disruptions due to geopolitics and climate change,” UN Conference on Trade and Development UNCTAD) head Jan Hoffman told reporters on Jan 25.