The Suez Canal ship is not the only thing clogging global trade

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      <subfield code="a">The Suez Canal ship is not the only thing clogging global trade</subfield>
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      <subfield code="a">On 23 March 2021, a 40Q-metre-long container ship ron aground in the Suez Canal in Egypt. We calculate that each doy of immobilization could cost global trade USD6bn-10bn. The Suez Canal is the gotewoy for the movement of goods between Europe ond Asia, ond welcomed over 19,000 ships in 2019, or 1.25 billion tonnes of cargo. This represents oround 13% of world trode so ony blockoge is likely to hove o significont impoct. In particular this incident willlikely result in shipping delays of everyday items for consumers around the world. According to Lloyd's List, every day it takes to clear the obstruction will disrupt on additional USD9bn worth of goods. Rough calculations suggest westbound traffic is worth around USD5.1bn doily while eastbound traffic is worth USD4.5bn. Yet, coping mechanisms are in place. According to our estimation, every week of closure should cost from -0.2pp to -0.4pp of annual trode growth. Note thot in our trade forecasts, we assume the vessel will only block the Suez Canal for one week</subfield>
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