AdvtAdvtJoin the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Enter Email Download ETEnergyworld App Get Realtime updatesSave your favourite articlesNew Delhi: With escalating everyday attacks and no end in sight, the Red Sea crisis will adversely impact trade volumes in substantial ways in 2024, according to the report of economic think tank GTRI . "Confectionery companies are hit by high cocoa prices and shortages due to late deliveries from Africa, reducing profits. Textile and leather industries, which operate on thin margins, are renegotiating shipping costs with buyers, impacting earnings. '"The crisis also underscores the importance of exploring alternative maritime and land-based trade routes.