The shipping volume through the Suez Canal was down by two-thirds in April 2024 on a yearly basis, the International Monetary Fund (IMF) stated on Thursday.
Following deadly Israeli attacks on Gaza last October, Yemen's Houthi rebel group began attacking ships related to Israel in the Red Sea.
Attacks on commercial vessels in the Red Sea forced logistics firms to use alternative routes, raising shipping rates and delaying deliveries.
According to the IMF's platform Portwatch, in cooperation with Oxford University, shipping volume almost doubled in Cape of Good Hope, which is one of the most important alternatives.
Portwatch said the issue affects many economies in the Middle East, Europe, Asia and Africa.
The Red Sea shipping lane is important for oil exports from the Middle East to Europe and from Russia to Asia.
