Rising freight costs, container shortages threaten exports; need urgent steps: GTRI
freight costs, shortage of containers and dependence on major shipping hubs and foreign carriers pose serious challenges to the country's exports, think tank GTRI said on Sunday. To address these challenges, the Global Trade Research Initiative (GTRI) recommended that India implement several strategies to boost domestic container production, enhance the role of local shipping companies, promote use of domestic containers, and strengthen local shipping firms.
«India can lower its risk of global supply chain disruptions by boosting domestic container production, encouraging the use of locally made containers, and increasing the use of Indian shipping companies for transporting goods,» GTRI Founder Ajay Srivastava said.
Between 2022 and 2024, shipping rates for a 40-foot container have fluctuated significantly.
It said that in 2022, the average cost was USD 4,942 due to the lingering effects of the covid pandemic, while by 2024, the rate had stabilized around USD 4,775, it said adding that these rates are still significantly higher than pre-pandemic levels, where the cost was USD 1,420 in 2019.
«The elevated freight rates reflect the persistent supply chain challenges that continue to burden global trade,» Srivastava said.
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