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Red Sea Crisis May Push Costs For Traders
The Business Guardian
|January 08, 2024
The increasing Red Sea crisis may impact trade as it is expected to push shipping and insurance costs for exporters, and to deal with the situation the government should consider extending financial assistance to exporters, a report by economic think tank GTRI said on Saturday.
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The report outlines potential impacts, citing a projected increase of up to 60% in shipping costs and a 20% rise in insurance premiums due to the crisis. GTRI emphasizes the necessity for India to prepare for prolonged shipping disruptions, prompted by recent drone and missile attacks on merchant vessels.
The challenges faced by exporters include skyrocketing shipping costs and extended delivery times, placing severe pressure on profit margins. Those with contracts covering delivery costs to buyers’ ports are particularly affected.
Esta historia es de la edición January 08, 2024 de The Business Guardian.
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