Red sea conflicts could disrupt global trade, Thai economy at risk

[webfact]

The business world is on high alert as the ongoing conflicts in the Red Sea and the Israel-Hamas war pose potential risks to the global economy. The strategic planning unit of the Commerce Ministry is urging stakeholders to keep a close watch on the situation and its potential implications.

 

The conflicts could bring both direct and indirect negative impacts on the Thai economy, warns Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO).

 

The Red Sea, a vital global trade route, has become a bottleneck since Yemen-based Houthi rebels started seizing cargo vessels associated with Israel on November 19 last year.

 

The rebels’ actions, a response to Israel’s actions in Gaza, have complicated the passage through the Bab-el-Mandeb Strait. Poonpong notes that continued attacks could disrupt various supply chains and the transportation of global crude oil.

 

Connecting Asia to Europe, the Red Sea via the Suez Canal in Egypt accommodates 12% of the world’s maritime trade. However, the attacks on cargo ships have led many global shipping companies to suspend their operations in the Red Sea, opting for alternative, longer routes.

 

by Alex Morgan

Photo courtesy of iStock

 

Full story: The Thaiger 2024-01-29

 

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[ezzra]

7 minutes ago, webfact said:

Yemen-based Houthi rebels

Rebels? more like Iran's proxy terrorists who out of sympathy to the Palestinians cause are causing all these problems,

and this is how and why Antisemitism keeps flourishing in the world, deriving to conclusion that because of Israel

war in Gaza, they are now going to pay more more for their products, and who are the Israelis? Jews of course ,

hence the many millions around the world who hate Jews even more now...

[retarius]

I sincerely hope it does hurt world trade. Someone has to do something about the daily massacres and possible genocide of Palestinians and the Houthis have found a great way of hurting Israel without killing.  A win-win using capitalism against itself and driving insurance and shipping rates up. 

[Pique Dard]

"Red sea conflicts could disrupt global trade..."

why "could"? what has war in ukraine been doing for two years now?

[300sd]

45 minutes ago, retarius said:

I sincerely hope it does hurt world trade. Someone has to do something about the daily massacres and possible genocide of Palestinians and the Houthis have found a great way of hurting Israel without killing.  A win-win using capitalism against itself and driving insurance and shipping rates up. 

Anyone who cheers on terrorists is worse then sad! Pathetic comes to mind and that's being nice.

Edited January 29 by 300sd

[retarius]

18 minutes ago, 300sd said:

Anyone who cheers on terrorists is worse then sad! Pathetic comes to mind and that's being nice.

You are entitled to your opinion.....but I don't cheer on genocide like you. And that's being nice.

[nausea]

You ain't seen nothing yet, wait 'till they start on Iran and the Strait of Hormuz gets closed

[hotchilli]

4 hours ago, webfact said:

The strategic planning unit of the Commerce Ministry is urging stakeholders to keep a close watch on the situation and its potential implications.

Another escape goat for the failing economy.

[KhunLA]

Highly doubtful it will affect Thai economy.  Although, they will surely use that or any excuse to jack up the price of fossil fuels/oil, petrol, diesel.

 

Even though as most others, didn't have any real effect at all, hence the windfall profits of the thieving elites.

 

Rinse & repeat

[IAMHERE]

How much Thai trade goes thru the Red Sea and Suez Canal?  I thought very little. Most all those ships are headed for Europe.

Edited January 29 by IAMHERE
spelling

[Eric Loh]

1 hour ago, KhunLA said:

Highly doubtful it will affect Thai economy.  Although, they will surely use that or any excuse to jack up the price of fossil fuels/oil, petrol, diesel.

 

Even though as most others, didn't have any real effect at all, hence the windfall profits of the thieving elites.

 

Rinse & repeat

EU is Thailand's fourth largest trading partner and the bilateral trade was worth around USD$38 B last year. Re-routing costs, war risk insurance rates jump, supply disruption costs will be affect Thai economy. Somehow Red Sea crisis hasn't hit energy; yet. 

[KhunLA]

30 minutes ago, Eric Loh said:

EU is Thailand's fourth largest trading partner and the bilateral trade was worth around USD$38 B last year. Re-routing costs, war risk insurance rates jump, supply disruption costs will be affect Thai economy. Somehow Red Sea crisis hasn't hit energy; yet. 

Not seeing the effect ...

... exports probably <10%

... imports probably way <10%

 

Granted 2022 #s, but guessing if across the board, and probably generous with that, lucky if still even close to 2022's #s due to transport costs since, leading up to now.   Closer is cheaper.

[300sd]

7 hours ago, retarius said:

You are entitled to your opinion.....but I don't cheer on genocide like you. And that's being nice.

Yes I cheer on genocide.  Genocide of Hamas. I cheer the total absolute destruction of those animals, and anyone who enjoys the sickness of those creeps, as you most likely do, may go with them. Bye, bye! And that's being nice!

Edited January 29 by 300sd

[kickstart]

11 hours ago, retarius said:

I sincerely hope it does hurt world trade. Someone has to do something about the daily massacres and possible genocide of Palestinians and the Houthis have found a great way of hurting Israel without killing.  A win-win using capitalism against itself and driving insurance and shipping rates up. 

Problem is most of the ships being attacked have nothing to do with Israel, most are sailing on flags of convince ie sip on Saturday attacked was flagged in the Marshall Islands, how do the Houthi's. actuary know where a ship is going.

As has been said Iran is behind it all, it seems if the attack on the Houthi's is not having a lot of effete. 

[KhunLA]

47 minutes ago, kickstart said:

..., how do the Houthi's. actuary know where a ship is going.

It's called the internet.  You can find out who owns, where it's registered, flagged under, and if you really want, what it's carrying.  When it left, where it's been, where it well be, even in real time if wanting.

 

M/V Marlin Luanda

 

 

 

Edited January 29 by KhunLA

[bradiston]

7 hours ago, IAMHERE said:

How much Thai trade goes thru the Red Sea and Suez Canal?  I thought very little. Most all those ships are headed for Europe.

I think the reference was to Thai exports.

[sherwood]

15 hours ago, retarius said:

I sincerely hope it does hurt world trade. Someone has to do something about the daily massacres and possible genocide of Palestinians and the Houthis have found a great way of hurting Israel without killing.  A win-win using capitalism against itself and driving insurance and shipping rates up. 

You really are a special kind of turd.

[still kicking]

15 hours ago, retarius said:

I sincerely hope it does hurt world trade. Someone has to do something about the daily massacres and possible genocide of Palestinians and the Houthis have found a great way of hurting Israel without killing.  A win-win using capitalism against itself and driving insurance and shipping rates up. 

Is that you Donald?

[Danny Australia]

8 hours ago, 300sd said:

Yes I cheer on genocide.  Genocide of Hamas. I cheer the total absolute destruction of those animals, and anyone who enjoys the sickness of those creeps, as you most likely do, may go with them. Bye, bye! And that's being nice!

 

If you are so pro genocide and proud of it, why not go and fight there on the ground with your pro genocide mates? You either get a bullet in your sick head or lose a limb (Those who lose a limb there gets free iPhone).

 

 

[Nick Carter icp]

2 hours ago, Danny Australia said:

 

If you are so pro genocide and proud of it, why not go and fight there on the ground with your pro genocide mates? You either get a bullet in your sick head or lose a limb (Those who lose a limb there gets free iPhone).

 

 

 

   He would not be able to join the IDF , so he couldn't go there and fight 

[Nick Carter icp]

18 hours ago, retarius said:

I sincerely hope it does hurt world trade. Someone has to do something about the daily massacres and possible genocide of Palestinians and the Houthis have found a great way of hurting Israel without killing.  A win-win using capitalism against itself and driving insurance and shipping rates up. 

 

   The prices of goods will go up , the cost will be passed onto the consumer and the poorer people will suffer more because  they can least afford a price increase and the investors in insurance company stocks and shares will profit .

  Yet money money being transferred from the poor to the rich 

[bradiston]

14 hours ago, 300sd said:

Yes I cheer on genocide.  Genocide of Hamas. I cheer the total absolute destruction of those animals, and anyone who enjoys the sickness of those creeps, as you most likely do, may go with them. Bye, bye! And that's being nice!

Hamas is a political party. You can't commit genocide on them. But you can on the Palestinians. Your hate filled speech is part of the problem, not the solution. Netanyahu sees the total obliteration of Hamas as the solution. But he knows that is probably unachievable. So he gives himself licence to kill as many Palestinians as possible in his futile attempt. With people like you cheering him on, he'll no doubt continue until he runs out of ammunition, which America will guarantee won't happen. Will you be cheering then, with 30, 40, 50 thousand dead civilians? Even Putin would back off.

[bamnutsak]

The "government" gets a twofer on this one...economy is in the dumper so they need to give away 10,000 baht...Red Sea shipping concerns so voila, a Land Bridge.

 

 

I wonder if PTP mentioned the looming economic crisis when pedaling the Digital Wallet scheme in the election run-up.

 

 

[300sd]

17 hours ago, Danny Australia said:

 

If you are so pro genocide and proud of it, why not go and fight there on the ground with your pro genocide mates? You either get a bullet in your sick head or lose a limb (Those who lose a limb there gets free iPhone).

 

 

Sounds like YOU are the sick one. From the river to the sea huh!

Edited January 30 by 300sd

[Gknrd]

Under statement if there ever was one. That area is a ticking time bomb IMO. China is sitting on the side lines letting this happen. Loco IMO.