The Korea International Trade Association convened on November 1, 2023, in Seoul to address logistics issues resulting from the blockade of the Hormuz Strait, an essential maritime export route for key Middle Eastern nations including the UAE, Saudi Arabia, and Iraq. The association expressed concerns that if the situation escalates, shipping costs could rise significantly due to increased insurance and fuel expenses. They highlighted that maritime shipping rates to the Middle East, which had recently stabilized, might once again surge due to these factors. The association referenced historical precedents where insurance rates had spiked up to seven times during conflicts in the region, directly impacting freight costs for importers and exporters alike.