Red Sea Shipping Turmoil Leads to a Drop in European Goods Trade

Europe’s economy is starting to feel the first wave from the Red Sea shipping disruptions.

The latest Kiel Trade Indicator released Thursday shows the European Union’s imports dropped 3.1% in December from the previous month and exports were down 2%. In Germany, the world’s No. 3 exporter, imports fell 1.8% and exports were off 1.9%.