Red Sea route accounts for 50% country’s exports, 30% of importsShare This News Story:NEW DELHI : The impact of the ongoing crisis around the Red Sea shipping route, which accounts for 50 per cent of the country’s exports and 30 per cent of imports last fiscal, will vary depending on the industry, according to a report. Domestic companies use the Red Sea route through the Suez Canal to trade with Europe, North America, North Africa and part of the Middle East. Last fiscal, these regions accounted for 50 per cent of the country’s exports worth Rs 18 lakh crore and 30 per cent of imports worth Rs 17 lakh crore. Increasing attacks on ships sailing in the Red Sea region since November 2023 have persuaded shippers to consider the alternative longer route past the Cape of Good Hope. It is not that the impact of the Red Sea crisis will be negative for all sectors.

Source: The North Africa Journal January 29, 2024 19:00 UTC