From Fortune:

The ongoing threat to cargo vessels in the Red Sea is causing a surge in shipping rates, leading Indian exporters to hold back on shipments and expecting a contraction of up to $30 billion off its total exports this fiscal year. The Suez Canal has seen a decrease in ships passing through, and vessels transiting the Red Sea have been targeted by Yemen’s Iran-backed Houthi militants. Prime Minister Narendra Modi’s government is discussing ways to protect trade transiting through the Red Sea. Exporters have already held back around 25% of the outbound shipments transiting through the Red Sea. Rates for shipping goods from Asia to Europe and North America have risen substantially, hitting India’s most common exports in the process. Disconnect through the Red Sea would be a potential factor in cost-push inflation pressures in India.



Read more: How bad will Red Sea shipping attacks get? $30 billion for India, think tank says