CHINESE Foreign Minister Wang Yi urged an end to attacks on civilian ships in the Red Sea and emphasised the importance of ensuring the safety of navigation in the region, reports Amman's MENAFN
CHINESE Foreign Minister Wang Yi urged an end to attacks on civilian ships in the Red Sea and emphasised the importance of ensuring the safety of navigation in the region, reports Amman's MENAFN. Mr Wang expressed China's willingness to continue playing a constructive role in maintaining stability in the area.
Unofficial estimates highlight the significant economic stakes for China, with US$160 billion worth of Chinese exports passing through the Bab al-Mandab Strait annually.
This figure includes about 60 per cent of Beijing's exports destined for Europe. The recent Houthi attacks on ships associated with Israel on November 19 have exacerbated shipping challenges, causing the cost of shipping a container from China to the European Union to surge from $1,500 to $7,000.
A report by the thinkchina platform further detailed the strategic importance of the Bab al-Mandab Strait. Annually, it facilitates the movement of an estimated $120 billion in Chinese imports and $160 billion in Chinese exports, contributing to a total maritime trade value of $1.5 trillion.
This narrow passage is vital for connecting Asia with Europe and North America, handling 12 per cent of seaborne oil, eight per cent of liquefied natural gas, and a substantial portion of global container traffic.
Trade disruptions in the Red Sea, compounded by other logistical challenges in routes connecting China to the world, have intensified pressure on Chinese trade.
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