UNCTAD reports significant drop in Suez and Panama Canal trade

The UN Conference on Trade and Development (UNCTAD) reported a 42% drop in trade volume through the Suez Canal over the past two months. Panama Canal transits have also fallen by 49% due to climate-change-induced drought. Houthi rebels' attacks in Yemen and climate change are contributing factors. This could impact vulnerable populations, increase living costs, and raise global supply chain disruptions, energy prices, and food prices. Shifting transport and commodity patterns are also noted.