Sea and air freight costs likely to rise
Global shipping lines had started avoiding the West Asian region after the Israel-Gaza conflict escalation in October 2023. Attacks on commercial vessels in the Red Sea by Iran-backed Houthi militants virtually crippled trade through the Suez Canal. This led to major companies rerouting trade through the Cape of Good Hope.
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Escalation of tensions between Iran and Israel is likely to adversely impact India's export-import (EXIM) trade due to higher transport and insurance costs."The alternate shipping route through Cape of Good Hope is likely to impact the schedules for Indian exporters," Dushyant Mulani, Chairman, Federation of Freight Forwarders Associations in India (FFFAI) told ET while adding marine insurance costs may rise as well.According to Mulani, shipping and air freight costs may rise."We will come to know about the exact situation in the next few days," he said.Global shipping lines had started avoiding the West Asian region after the Israel-Gaza conflict escalation in October 2023. Attacks on commercial vessels in the Red Sea by Iran-backed Houthi militants virtually crippled trade through the Suez Canal. This led to major companies rerouting trade through the Cape of Good Hope.According to Mulani, the Indian export industry may need additional support to mitigate higher transport costs.
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