Arab News: Jordan has regulated the export and re-export of essential goods, including rice and sugar, amid soaring shipping costs following tensions in the Red Sea.
Corn, sunflower, palm, and soybean oil were also among the main products covered in the ban.
The government’s restrictions align with the Food Security Council’s recommendation to limit the trade activity for these items.
The world’s top transportation companies, including container giants Maersk and Hapag-Lloyd, stopped using Red Sea routes after Yemen’s Houthi militant group began targeting vessels earlier this month, disrupting global trade.
However, Maersk earlier this week said that it has scheduled several dozen vessels to travel via the Suez Canal and the Red Sea in the upcoming weeks, signaling that global shipping firms are returning to the route.
According to new industry data by Flexport, diverted journeys around Africa can take as much as 25 percent longer than the Suez Canal shortcut between Asia and Europe.
Such costly trips could increase consumer prices on everything from sneakers to food and oil.
https://www.arabnews.com/node/2433156/business-economy
