INDIA'S EXPORTS MAY TAKE A $30 BN HIT

Number of ships passing through Suez Canal is down about 44% compared to average for first half of December

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India may see around $30 billion shaved off its total exports in the current fiscal year, as threats to cargo vessels in the Red Sea lead to a surge in container shipping rates and prompt exporters to hold back on shipments, Bloomberg reported. The initial assessment, conducted by the Research and Information System for Developing Countries, a New Delhi-based thinktank, would mean a 6.7% drop in Indian exports, based on last fiscal year's $451 billion total.

"The crisis in the Red Sea would indeed impact India's trade and may lead to further contraction," said Sachin Chaturvedi, the director general of the thinktank.

According to the Bloomberg report, the government hasn't released any official estimates on the impact of the Red Sea crisis on Indian exports.