Reduced wheat supplies through the Suez Canal

According to a World Trade Organization report, the volume of wheat shipments through the Suez Canal in the first half of January fell by 40% to just .5 million tons. This is due to the deteriorating situation in the Red Sea and the Gulf of Aden.

It also noted that in December, about 8% of wheat shipments from the European Union, Russia and Ukraine, which would normally pass through the Suez Canal, were redirected along alternative routes. However, in the first half of January this figure increased to approximately 42%.

The WTO recalled that before the military escalation in the Red Sea, the share of alternative wheat supply routes was only about 3%.