https://sputniknews.in/20240119/red-sea-crisis-threatens-trade-worth-33-billion-between-india-and-china-6267164.html
Red Sea Crisis Threatens Trade Worth $33 Billion Between India and China
Red Sea Crisis Threatens Trade Worth $33 Billion Between India and China
Sputnik India
The rising conflagration in the Middle East is threatening trade worth $33 billion between neighbors India and China, data from Bloomberg Analytics showed on Friday.
2024-01-19T19:33+0530
2024-01-19T19:33+0530
2024-01-19T19:33+0530
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The rising conflagration in the Middle East is threatening trade worth $33 billion between neighbors India and China, data from Bloomberg Analytics showed on Friday.On the other hand, the impact of tensions in the Red Sea area on Europe-Asia trade is estimated to be over $76 billion.This comes in the backdrop of extra time taken to transport agricultural items from Asia to Europe, most of which are perishable.This has resulted in a significant jump in the prices of food products like fruits and vegetables.In addition to that, the likelihood of fruits and vegetables getting rotten along the route has surged.Meanwhile, the Houthis stated that they were not targeting Russian or Chinese ships and were only attacking Western assets in the Red Sea.Muhammad al-Bahiti, a spokesman for the Yemeni military organization confirmed to Russian media recently that ships owned by Chinese or Russian firms or bound to the two countries were not any kind of threat from the Houthis because they only planned to target vessels from the US, the UK, Israel, and other Western nations.
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Red Sea Crisis Threatens Trade Worth $33 Billion Between India and China
The escalating military conflict between the American-led forces and Iran and its allies in the Red Sea region is proving to be disastrous for the global economy, particularly for trade between Asian giants India and China.
The rising conflagration in the Middle East is threatening trade worth $33 billion between neighbors India and China, data from Bloomberg Analytics showed on Friday.
On the other hand, the impact of tensions in the Red Sea area on Europe-Asia trade is estimated to be over $76 billion.
This comes in the backdrop of extra time taken to transport agricultural items from Asia to Europe, most of which are perishable.
With many cargo firms deciding against taking the Red Sea route following the continued attacks on civilian naval vessels and opting to transit through the Cape of Good Hope, the delivery time of goods from Asia to Europe or vis-a-versa has almost doubled.
This has resulted in a significant jump in the prices of food products like fruits and vegetables.
In addition to that, the likelihood of fruits and vegetables getting rotten along the route has surged.
Meanwhile, the
Houthis stated that they
were not targeting Russian or Chinese ships and were only attacking Western assets in the Red Sea.
Muhammad al-Bahiti, a spokesman for the Yemeni military organization confirmed to Russian media recently that ships owned by Chinese or Russian firms or bound to the two countries were not any kind of threat from the Houthis because they only planned to target vessels from the US, the UK, Israel, and other Western nations.
