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The redirection of shipping routes for an increasing number of vessels due to the situation in the Red Sea has led to a 40% decrease in wheat deliveries through the Suez Canal in the last two weeks on an annual basis, down to 0.5 million tons, as reported by Interfax, citing the World Trade Organization (WTO).
According to Wheat Dashboard data, in December of the current year, approximately 8% of wheat shipments from the European Union, Russia, and Ukraine to Asian and East African countries were delivered through alternative routes other than the traditional Suez Canal. In comparison, before December, this share was only 3%. Estimates show that in the first half of January, the utilization rate of alternative wheat delivery routes increased to 42%.
Wheat shipments from the EU via alternative routes amounted to 330,000 tons from early December to mid-January, compared to 50,000 tons for the same period the previous year. At the same time, around 190,000 tons of wheat were rerouted from Russia through alternative routes, in contrast to zero volume the year before. Meanwhile, all shipments from Ukraine continued to pass through the Suez Canal.
According to the WTO, approximately 76 million tons of grain, vegetable oil, and products based on them are annually sent from the European Union, Russia, and Ukraine to Asia and East Africa, accounting for 17% of the global trade volume of these goods.
The Wheat Dashboard is an informational tool developed by the WTO and the International Grains Council (IGC), launched in May 2023 as part of a global initiative to respond to growing concerns about food security.
