GLOBAL FREIGHT RATES have dropped 20% since the Ukraine war started on February 24, in signs that a supply-chain disruption is easing, although the rates are still 13% higher than a year earlier. Trade sources told FE that while container availability has improved for Indian exporters in recent weeks, small and medium players are still facing this issue. Nevertheless, the easing rates have brightened India's export prospects at a time when it is eyeing a second straight year of robust growth.
According to Drewry's composite World Container Index, the rate for a 40-foot container declined to $7,579 as of June 9 from $9,477 as of February 24, but it's still up 13% from a year before. Freight costs had spiked in 2022, as demand for goods surged following an industrial resurgence in advanced economies.
This story is from the June 14, 2022 edition of Financial Express Mumbai.
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This story is from the June 14, 2022 edition of Financial Express Mumbai.
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