Chart Beat: Cracks appear in tiles exports
Indian tiles exporters have borne the brunt of the Red Sea crisis leading to a dip in volume and value. Tiles exports by volume fell by 12.5% month-on-month and 4.2% year-on-year to 40.6 million square metre in January, showed government data compiled by ICICI Securities Ltd.
Thanks to the base effect, for April 2023-January 2024, exports remained strong at around 491 million square metre, up nearly 35% year-on-year. The top three geographies for tile exports during this period included GCC countries, the US, and Iraq.
According to industry participants, the month-on-month slowdown in tile exports was due to higher freight rates and longer transit times due to geopolitical instability at Suez Canal. If the export slowdown from Morbi continues, it may lead to oversupply in domestic markets, which could create pricing pressure.
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