SUEZ/RED SEA CRISIS CAUSING DISRUPTION TO CLOTHING TRADE AND MAY PROMPT SOURCING SHIFTS
January 31st, 2024
Disruptions to the supply chain in the Red Sea are driving up shipping costs for the clothing and textile sector, causing alternative routes to be used, and may result in longer-term shifts in sourcing as well as logistics, if the crisis continues.
Since October 2023, Yemen’s Houthis, a Zaidi Shia Islamist militant group that controls much of northern and western Yemen, have attacked dozens of cargo ships in the Red Sea in response to the Israeli invasion of and bombing of Gaza, following Hamas’ October terrorist attacks. This has caused insurance companies ...
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