Newsroom
In a recent interview with Diaspora News, Marios Antoniou, the General Secretary of the Pancyprian Retail Trade Association, delved into the challenges emerging from the Red Sea crisis. Noting that the majority of essentials don't originate from the Far East, Antoniou highlighted the impact of the crisis on shipping routes, particularly due to Houthi attacks, leading to extended sail times and increased costs for fuel and personnel.
Antoniou provided a concrete example, explaining that a 20-foot container, which previously cost 1800 euros, has now surged to 4.5 euros due to the prolonged sea journeys. He emphasized that the normalization post-pandemic was disrupted three months ago, and the recent crisis adds new dimensions and hurdles to the existing challenges.
Looking ahead, Antoniou predicted that by the end of January, consumers could witness approximately 20% price hikes, particularly in the sectors of electrical and electronic appliances. Additionally, substantial increases are anticipated in furniture, automobiles, tools, and building supplies. The evolving situation in the Red Sea poses not only logistical challenges but also economic repercussions, affecting various industries and pricing structures.
