Commerce and Trade
The Gulf of Aden is a vital waterway for shipping, especially for Persian Gulf oil, making it an integral waterway in the world economy. Approximately 11 percent of the world's seaborne petroleum passes through the Gulf of Aden on its way to the Suez Canal or to regional refineries. The main ports along the gulf are Aden in Yemen, Djibouti City in Djibouti, and Zeila, Berbera, and Bosaso in Somalia.
In earlier history, the city of Crater, located just south of the modern city of Aden, was an important port in regional trade. Crater was the principal harbor of the pre-Islamic kingdom of Awsan, and after its annexation by the kingdom of Saba at the end of the 5th century, played a significant role in connecting Africa with Arabia.
India receives USD 50 billion in imports and sends USD 60 billion in exports through this area annually. Because of this and for the sake of protecting the trade of other countries, India keeps a warship escort in this area.
Read more about this topic: Gulf Of Aden
Famous quotes containing the words commerce and/or trade:
“On 16 September 1985, when the Commerce Department announced that the United States had become a debtor nation, the American Empire died.”
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