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Red Sea tension exacerbates price crisis in Syria market

Merchants in the regime-held areas found what they could do to justify the significant price increase witnessed by all materials in the Syrian market, pointing out that the ongoing crisis in the Red Sea played a major role in increasing the fears of merchants who import from East Asia, as shipping fees rose by more than 250%, which is will inevitably lead to higher prices in the Syrian market.

Local pages on social media reported that the prices of most food and consumer items recorded a huge rise in prices, including those produced locally, such as vegetables and fruits, which negates the hypothesis of a crisis in the Red Sea, and refers the matter to other reasons.

​​The US dollar is trading at 14575 SYP according to S-P Today website that covers the trading rate of the Syrian pound to the dollar. At the start of the conflict in 2011, the dollar was trading at 47 pounds.

In turn, the Secretary of the Damascus and its Countryside Chamber of Industry, Ayman Mawlawi, said that the consequences of the Red Sea events have not yet been estimated, but all goods coming from East Asia will be greatly affected by the rise in freight rates, which have risen by more than 250 %, which is absolutely reflected in the goods and products, according to certain percentages according to the imported goods.

He pointed out in a statement to the pro-regime newspaper, Al-Watan, that the warehouses in Syria are sufficient for 2 to 3 months and no more, pointing out that switching to land routes may be a solution to the problem, but it needs a decision at the government level.

Mawlawi believed that the weak purchasing power of the citizen had a negative impact on everyone.

The Syrian economy has been devastated by war and witnessed massive destruction of infrastructure worth USD 120 billion as the UN estimates, the rebuilding of war-torn Syria would need around USD 250-400 billion.

The regime-controlled areas suffer from a stark rise in the prices of basic materials and food commodities, amid government promises to fight monopoly.

The Syrian revolution that turned into a bloody conflict has claimed 500,000 lives and has displaced 13,2 million people since it erupted in March 2011 with the brutal repression of anti-regime protests.

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