THE sea ​​transport of containers through the Red Sea decreased by almost 30% on an annual basis, reported yesterday Wednesday the International Monetary Fund (IMF)due to the proliferation of attacks by the Houthi rebels against merchant ships off the coast of Yemen.

“Most of the traffic in the Red Sea is container shipping, which has decreased by almost 30 percent,” said Jihad Azour, director of the IMF’s Middle East and Central Asia division, adding that “the decrease of trade accelerated at the beginning of the year”.

According to the IMF’s PortWatch platform, the volume of transport through the Suez Canal, which links the Red Sea to the Mediterranean, fell by 37% from January 1 to 16 compared to the same period in 2023.

The Houthis, who control almost all of northern Yemen, they have launched over 35 attacks against ships in the Red Sea and Gulf of Aden since November 19, according to the US Pentagon, impeding navigation in this crucial area, through which about 12% of world trade normally passes.

The rebels, close to Tehran, say they aim to prevent ships linked to Israel from passing through waters off Yemen in a show of “solidarity” with Palestinians in the Gaza Strip, where the Israel-Hamas war is raging. from October 7th.

Their attacks have prompted major shipping companies to order their ships to avoid the Suez Canal route and go around Africa, making shipping by sea much more time-consuming and expensive.

“The level of uncertainty is extremely high and the evolution of the situation will judge the extent of change and modification of the trading system in terms of volume, but also in terms of resilience,” Mr Azur said.

“Are we on the eve of a major shift in trade routes, or are we seeing something temporary because of rising costs and worsening security costs?” he asked, addressing journalists.

The US, a key ally of Israel, has deployed warships in the Red Sea to protect commercial shipping and has been launching strikes since last month against positions of the Houthi movement, which it describes as a “terrorist” organization, in some cases together with Britain. But without these putting an end to the attacks.

Mr Azour also noted that the impact of Israel’s war and the Palestinian Islamist movement on the Gaza Strip and the occupied West Bank is “enormous”.

In 2023, the GDP of the Palestinian territories is estimated to have shrunk by around 6%, according to revised IMF estimates released yesterday.

“We forecast that the economy will continue to contract in 2024 unless there is a rapid end to hostilities and reconstruction,” Mr. Azur noted.