Global trade falls amid Houthi attacks on merchant ships in Red Sea

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Global trade fell in December as Houthi attacks on merchant ships in the Red Sea disrupted operations. The boss of the world's biggest shipping line has said it could take months before the trade route is safe to traverse.

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12 Jan 2024

Global trade dropped by 1.3% in December, with a significant fall in shipments in the Red Sea driving that fall, according to figures from IfW Kiel.

A report by the German economic institute found that the number of containers travelling daily through the Red Sea fell by 60% from 500,000 in November to 200,000 last month.

Iran-backed Houthi rebels in Yemen have launched 25 attacks on commercial vessels in the Red Sea since November, forcing shipping lines to suspend passage through the key trade route and reroute elsewhere.

On Thursday, the Iranian navy confirmed it had seized an oil tanker associated with a Greek shipping company in the Gulf of Oman, prompting fears the disruption could escalate and spread to the Gulf.

Separately, Vincent Clerc, the chief executive of the global shipping company Maersk, said the Red Sea