The United Nations has announced a 42% drop in trade volume through the Suez Canal over the past two months, attributing the decline to disruptions in the Red Sea region.

Jan Hoffman, an official at the United Nations Conference on Trade and Development (UNCTAD), expressed deep concern about the situation in the Red Sea following a decline in trade from Houthi attacks backed by Iran on the edge of the Red Sea and Indian Ocean.

"We are very worried about the situation in the Red Sea, which exacerbates trade disruptions linked to geopolitical and climatic changes," he stated.

According to UNCTAD, the trade volume through the Suez Canal has fallen by 42% in the last two months due to events obstructing passage through the Red Sea.

The shipping disruption has resulted in a 67% fall in the weekly number of container ship crossings compared to last year.

The UNCTAD expert highlighted the gravity of the situation, noting that "over 80%" of global trade in goods is conducted by sea and that "other important routes are also under strain".

Maritime transit through the Black Sea has also been severely disrupted following the Russian war on Ukraine, leading to a spike in global food prices starting in 2022.

Yemeni Houthis, who have been hitting targets in the Red Sea and Indian Ocean in recent days, have come under increasing pressure from the US and the UK, who have situated ships in the area and targeted the country. In response, the UK Maritime Trade Authority has reported an increase in unmanned aerial vehicles (UAV) targeting British and American assets. 

Houthi-controlled Yemeni television reported that several cities and different regions in the country under Houthi control had been attacked by the US and UK.