Key Points
New Delhi: The ongoing crisis along the Red Sea shipping route poses a risk to 80 percent of Indias goods trade with Europe and could lead to higher inflation and lower growth in India due to rising transport costs, the Ministry of Finance has warned...
The Red Sea crisis involving attacks by Yemens Houthi militants on ships transiting the area in protest against Israels actions in Palestine, which have led to retaliatory strikes by the US and the UK is having an impact on global food prices, the Department of Economic Affairs (DEA) said in its Monthly Economic Review for February 2024, released Friday...
The ongoing crisis in the Red Sea shipping route is having an impact on global food prices, with longer cargo travel distances and higher freight rates potentially leading to an increase in cost, the report said...
A February 2024 report by the United Nations Conference on Trade and Development (UNCTAD), cited by the DEAs report, found that the Suez Canal saw a 42 percent drop in transits in January 2024 compared to their peak levels in May the previous year...
Key products in India affected . 80 percent of Indias merchandise trade with Europe passes through the Red Sea, with key products such as crude oil, auto & auto ancillaries, chemicals, textiles, and iron & steel being affected, the report said...
You might be interested in
India says Red Sea attacks add urgency to Middle East trade route
28, Feb, 24India's ambassador to the UAE, Sunjay Sudhir, highlighted the need for an alternate trade route due to the volatile situation in the Red Sea. He mentioned the India-Middle East-Europe Economic Corridor (IMEC) as a solution, aiming to establish an alternate supply route. I
Red sea trade disruptions to affect the fertiliser, capital goods sectors the most: Crisil report
22, Feb, 24The crisis around the Red Sea due to the Houthi rebels' attacks has led to trade disruptions around the Suez Canal. The fertiliser and capital goods will be the most affected sectors if the situation persists for longer duration
Mint Primer: Why the Houthi attacks in the Red Sea are worrisome
24, Dec, 23The snowballing crisis in the Red Sea is threatening to disrupt an already fragile global supply chain, as shippers begin to avoid one of the world’s busiest trade routes
How Yemeni Houthi rebel attacks on ships in the Red Sea are crimping global trade
12, Jan, 24The impact struck home Friday when electric car maker Tesla said it had to shut down its factory outside Berlin from Jan. 29 to Feb. 11 due to delays in supply chains, and as U.S.-led airstrikes hit what the Navy said were Houthi missile and drone launch sites in Yemen.
No disruption in oil flows to India, says HPCL head
28, Jan, 24India Business News: During a post-third quarter earnings call with investors, HPCL chairman assured that there are no supply disruptions despite the ongoing Red Sea crisi
No adverse impact of Red Sea crisis so far on India's trade
04, Feb, 24There is no adverse impact on India's exports and imports so far due to the Red Sea crisis, an official said. The transportation cost has increased as shippers take a longer route, but volume terms remain unaffected. However, exporters are concerned about the significant jump in freight cost and the potential impact on India's exports. The Red Sea crisis has disrupted global supply chains, leading to increased freight costs, mandatory war risk insurance, and significant delays due to rerouting.
Oil climbs as Red Sea tension persists, but Angola's OPEC exit caps gains
22, Dec, 23SINGAPORE (Reuters) - Oil prices rose in early trade on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola's decision to leave OPEC
We're concerned, not worried, about Red Sea situation: Hardeep Singh Puri
30, Jan, 24The Red Sea shipping route is used for 30% of India's imports and 50% of exports. Oil imports from Russia usually take this route. The Red Sea situation affects the global trade including that of India but the effects haven't risen to a level that they become a cause of worry, Puri said.
India can survive the Red Sea crisis, says head of US-India forum
03, Feb, 24The Red Sea crisis, caused by Houthi militants targeting shipping vessels, will not have an inflationary impact or cause a drastic shortage of goods in India, according to the head of a US-India body. While the crisis has impacted global trade and increased voyage time, India can survive through it. However, India's exports of rice and import of energy are being affected. The crisis also highlights the need for India to ensure energy security by diversifying its sources.
Houthi attacks in Red Sea upend global trade, multinational naval force formed
22, Dec, 23Yemen's Houthi rebels are turning the Red Sea into a maritime war zone, forcing major shipping companies and oil giants to reroute their operations. This disruption has thrown global trade into turmoil.