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Red Sea shipping disruption hits over 50% of UK exporters

Red Sea shipping disruption hits over 50% of UK exporters

Posted on March 4, 2024   |  

Over half of UK exporting businesses are facing disruptions in shipping along critical trade routes in the Red Sea.

Since November, attacks by Iran-backed Houthi rebels on container ships have disrupted one of the world's busiest shipping lanes.

A survey of more than 1,000 businesses, mostly small and medium-sized enterprises, revealed that 53% of manufacturers and service firms have been affected.

The disruptions have resulted in increased costs for many businesses, including a substantial 300% surge in container rental fees.

Lengthy delays in delivery times, up to three or four weeks due to logistical issues, are causing cashflow problems and shortages of production components.

Overall, around 37% of surveyed firms across different sectors reported experiencing impacts from the disruptions in the Red Sea.