Red Sea Tensions Raise Prices of Basic Goods in Lebanon by 15%

Amin Salam, the Lebanese Minister of Economy and Trade revealed that the Red Sea tensions led to an increase in the prices of major commodities in the country by 15%, as a result of increased shipping costs and a shortage in the supply of these goods.

He also indicated a decrease in trade movement between Lebanon and the Asian region by up to 40%.

On the other hand, Salam explained in an interview with Bloomberg Al-Sharq, on the sidelines of the thirteenth Ministerial Conference of the World Trade Organization in Abu Dhabi, that the impact of navigational traffic disturbances in the Red Sea on Lebanese exports was very minimal, as most of them take the Mediterranean route to global markets.

Regarding the plan to restructure the banking sector, Salam said that the first part of the plan, related to restructuring banks, only needs some amendments to give greater transparency, but the problem lies in the second part, related to creating deposits and protecting citizens’ savings.