Yemen Merchandise Exports (ann. var. %)

Merchandise Exports in Yemen

In April, a Saudi delegation traveled to Yemen to engage in talks with the Houthis, possibly setting the stage for conflict resolution; a major prisoner swap took place mid-month, as the warring parties seemed to renew their commitment to reaching a ceasefire. However, the economy remains in a dire state, amid a severe humanitarian crisis and widespread food insecurity. Additionally, in April and May, heat waves and flooding hampered agricultural production, further damaged infrastructure and exacerbated the electricity crisis; power outages are weighing on activity. In addition, on 19 May, a 250-kilometer-long oil spill was detected in the Red Sea, threatening both the environment and the economy. More positively, a UN conference on 4 May unlocked the final funds needed to start unloading oil from the supertanker Safer; the operation began on 30 May.