Iran-Israel war may affect India exports

The escalating tensions between Iran and Israel are also sending shockwaves through global stock markets, with India's benchmark Sensex closing 573 points lower Friday

- PRESS TRUST OF INDIA

The Iran-Israel conflict has further increased global economic uncertainties, impacting world trade, including India's exports, as it is expected to drive up both air and sea freight rates, exporters say.

They said that India's exports to Europe and counters like Russia may get impacted due to this war. If the conflict continues for long, the movement of merchant ships through routes such as Strait of Hormuz between Iran and UAE, and Red Sea would be affected.

"The war will further hurt global trade. The situation was gradually improving but now again the trade will be impacted. Our exports to Europe and countries like Russia may get hurt. Freight rates and insurance are expected to increase," Federation of Indian Export Organisations (FIEO) President S C Ralhan said.