- By Anton Grillo
- (General Dispatch) – A recent obstruction by a titanic vessel that became stuck in the Suez Canal in Egypt has brought world trade to a standstill.
- After several days of trying to mobilize the vessel that caused the stoppage, the salvage team finally managed to free the Ever Given on Monday.
- Countless vessels that needed to reach their destination to meet the demand for goods and services around the world were detained for several days.
- For this reason, economists indicated that the obstruction does not mean a decline in world trade, and that everything will return to normal in the next few days.
- However, supply chains are being affected by the delay in delivery, since the stoppage has halted the procedures established in the consideration.
- Consequently, the shortage of supplies led to the closure of assembly lines, and thus to the abandonment of jobs.
- Shipping costs are likely to rise if ships have to take alternative routes in order to achieve their objectives, said one of the economists interviewed.
- In short, European and Asian countries continue to suffer the consequences, as oil and gas transported through the canal arrive with delays. This is expected to inflate market prices for a few weeks.
Adittional Information:
Breitbart: Suez Canal blockage adds to pressure points in global trade
US News: Suez Canal Blockage Adds to Pressure Points in Global Trade
