Red Sea crisis to adversely impact trade volumes in 2024Increase in costs of shipping (40-60 per cent) and insurance (15-20 per cent) and delayed arrival of shipments (by up to 20 days or more) arising out of the Red Sea crisis will continue to disrupt global value chains, squeeze margins and make exports of many low margin products unviable from current locations, according to the Global Trade Research Initiative (GTRI). Added to the problem is potential cargo loss from piracy and attacks.