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RED SEA WOES DRIVE EXPORT SETBACKS
The Business Guardian
|January 07, 2024
Escalating tensions in the Red Sea have started impacting India's exports due to increasing freight costs and insurance premiums as shippers have to take longer routes to reach destinations like the US and Europe, an official said on Friday.
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The situation around the Strait, a Bab-el-Mandeb crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants.
Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of almost 14 days and also higher freight and insurance costs.
The issues being faced by the concerned stakeholders were discussed at a high-level meeting in the commerce ministry on January 4.
Stakeholders, including traders, shippers, container firms and freight forwarders were there at the meeting.
Cette histoire est tirée de l'édition January 07, 2024 de The Business Guardian.
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