Image: MAHMOUD KHALED/AFP/GETTY IMAGES
Israel’s economy suffers, with an 85% drop in Red Sea port activity, escalating costs, and geopolitical tensions.
The Houthi rebels in Yemen have been encircling the Red Sea. This vital waterway has links Asia, Africa, and Europe for the past few months.
This has seriously harmed Israel’s economy, which is primarily dependent on trade with the Red Sea. Israel has already paid an estimated $3 billion for the siege.
The siege also impacted the Suez Canal, one of the world’s most significant shipping lanes. The canal handles 12% of all shipping in the world each year.
Due to the embargo, fewer ships can enter or exit the Red Sea, significantly decreasing traffic via the Suez Canal.
Israel and many other nations, whose imports and exports depend on the canal, have seen disruptions in trade and commerce.
The embargo has impacted the world economy. It has raised the price and dangers of shipping, creating delays and traffic jams at the ports.
Due to the uncertainty and risk posed by the blockade, shipping businesses have been forced to increase their labor, fuel, and insurance expenditures.
Some have chosen the more costly and time-consuming route around the Cape of Good Hope, extending their travel by weeks and thousands of kilometers.
This has impacted the shipping industry’s profitability, competition, and the items’ arrival time and quality.
Given that the majority of its trade occurs in the Red Sea, Israel has been severely impacted by the blockade. The number of ships coming and departing from the Port of Eilat, the sole port in Israel on the Red Sea, has dropped by an astounding 85%.
Due to potential price increases, reduced supply, and job losses, this has had a detrimental effect on Israel’s economy.
In addition, the Houthi rebels have promised to strike any ship sailing to or from Israel, regardless of where it is sailing, adding to the complexity and severity of the situation.
The rebels have insisted that food and medication be provided to Gaza, which is under blockade from Egypt and Israel.
As a result, the United States and the United Kingdom launched airstrikes on the Houthi military bases in Yemen, intensifying the violence in the area.
Because of the ongoing threat and difficulty posed by the blockade, the future of the maritime trade in the area is questionable.
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This post was last modified on January 31, 2024 3:23 am
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The fact that the illegal Israeli state has lost billions makes me happy.
It's good that "WHAT YOU SOW WILL REAP" Hope Palestinians get their country back from this TERRORIST STATE israel. Who only know how to murder innocent people (Kids & Women).
The US-UK-German Godfathers of Israel have named the ongoing war between Israel and Gaza as a war between Hamas and Israel to mislead the world. However, the ICJ admitted that the mass killing of the innocents in Gaza was no less than genocide. Even though each Gazan house had at least one martyr and, in some cases, Israel wiped out the whole family, they have stood against Israel's atrocities in the most adverse situations. In their worst time, only Yemen stood with them, and Yemen is fighting for their cause by doing whatever it can do. The blockade of Israel going ships through the Red Sea is a legitimate act of Yemen in a state of war to hit Israel's economy. Although, in three months, Yemen couldn't achieve the desired success, with its limited resources, Yemen has proven its existence, which would compel the three Godfathers of Israel to review their policies towards the Middle East. The Muslim world has seen that neither Saudi Arabia nor Turkey nor, Pakistan or Middle Eastern countries have the capability and courage to become the global leaders of Muslims. Yemen needs to be supported by the Muslims of the world to explore it for its natural resources and to become self-sufficient. A prosperous Yemen can potentially be a saviour to the oppressed Muslim community worldwide due to its bravery and exemplary courage. Muslims must learn from the Gaza war that no one is their friend except a friend in need. The myth that the Arabs are their saviours because the Prophet was an Arab should be done away. The entire Arab world is scattered. Their kings rule over a country of three to ten million or a few more people, equal to the population of Pakistan, Iran or India town. They are bereft of a mighty military power, have no vision, are unorganised, and consider themselves superior Muslims, which is against the tenets of Islam. With so many deficiencies and shortcomings, how can they be the leaders of Muslims? Muslims should morally hail Yemen, for every act against an oppressor is acceptable and fair when one declares war against unarmed and helpless people with the sole intention of exterminating a nation and humanity.
Death and destruction to the zionist murderers.
They must be stripped of all rights and lodged in concentration camps and tortured like Hitler did