The Houthi blockade of the Bab el-Mandeb Strait and the Red Sea negatively affects global trade and leads to an increase in food prices, said Oleg Kobyakov, director of the United Nations liaison office. for Food and Agriculture (FAO) with Russia, on March 4 in an interview with TASS.
According to Kobiakov, the cost of chartering ships traveling on this route has quadrupled and the volume of cargo transportation has decreased by 30%.
The world’s largest ocean carriers have refused to use the route, disrupting supply chains and increasing shipping costs via other routes, he added.
Kobyakov noted that the economic damage caused by the blockade causes an increase in product prices, inflation and a worsening availability of food products for consumers.
FAO Chief Economist Máximo Torero expressed concern about the risks posed by the situation in various maritime areas and highlighted the importance of securing global trade routes.
Source: Rossa Primavera

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