Suez blockage highlights Asia’s vulnerability to disruptions
Asia’s economies are intimately linked to global maritime trade. Cargo vessels sailing from the ports of Northeast Asia’s export giants supply the consumers of North America and Europe, while much of Asia’s energy and natural resources arrive by sea. According to the UNCTAD, over 40% of global seaborne exports are loaded in Asia, while the region accounts for around 60% of all imports. Yet despite the huge value of maritime trade, the smooth and timely flow of goods remains dependent on a small number of narrow, highly congested and strategically vulnerable pinch points, most notably the Suez and Panama canals and straits such as Hormuz and Malacca.
The Crisis Isn t Over For Oil Refiners oilprice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilprice.com Daily Mail and Mail on Sunday newspapers.