Canola Exporters Brace for Economic Impact From Red Sea Attacks: Rabobank

Geopolitical tensions in the Red Sea are placing pressures on Australia’s agricultural sector through the disruption of international supply chains, according to agribusiness banking company Rabobank. RaboResearch general manager Stefan Vogel is particularly concerned about Australian canola exports, given that the majority are shipped to Europe through the Suez Canal. “Our prime markets in Europe are likely to get more complicated and expensive,” Mr. Vogel said. “As they do usually pass through the Suez Canal, while canola shipments to the EU from our competitors in Ukraine and Canada do not.” Rabobank economist Michael Every warned of unfavourable circumstances for Western nations should the crisis not be swiftly resolved....