Trade costs soar as Middle East war escalates  | The Business | ABC NEWS

Oil prices have rocketed higher, as attacks on ships in and around the Strait of Hormuz spook markets. Shipping companies are having to divert routes and introduce war levies, making it more expensive for Australian exporters to send their products to the Middle East and through the region to Europe. Joshua Lamb from Endeavour Wool Exports says he's been told anything that was in transit already towards the Red Sea and the Suez Canal has been put into what they call 'shelter'. Tom Jensen from the Freight & Trade Alliance says the Middle East war has paused shipping through the Red Sea and led most carriers to declare they're going around the Cape of Good Hope in Africa. He said before the conflict, the Red Sea route was being used more widely again after years of attacks by the Houthis. It is not just Australian wool exports that's being disrupted. Australian beef, including Wagyu, is flown into the Middle East. Even live animal exporters are saying they can't get animals there for slaughter. Emilia Terzon spoke to one beef exporter that is paying more to fly chilled meat into the United Arab Emirates but has had to reduce deliveries due to flight availability. Australian goods and services exported to the Gulf States (Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, UAE) were valued at A$14.7 billion in 2024-25. Harry Murphy Cruise from Oxford Economics says crises like these have an ability to permeate around the global economy.
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Видео Trade costs soar as Middle East war escalates  | The Business | ABC NEWS канала ABC News (Australia)