HomeOthersThe Red Sea conflict: Agri, textile exporters hold back shipments

The Red Sea conflict: Agri, textile exporters hold back shipments

Published on

spot_img
export
  1. Commerce Department is monitoring the situation in the Red Sea closely due to concerns of higher freight costs, causing exporters to hold shipments, especially agriculture and textiles products.
  2. Increased freight and insurance costs result from ships avoiding the region due to attacks by Iran-backed Houthi rebels, compelling longer routes around the Cape of Good Hope.
  3. Exporters are withholding shipments, anticipating increased freight expenses. There might be delays of 12-14 days in container turnaround times, but no shortage of containers has been reported.
  4. While exports to the US west coast remain unaffected, shipments to Europe, North Africa, and the Middle East have been impacted. India exports goods worth $110 billion to these regions.
  5. The Commerce Department is yet to assess the precise impact of the crisis on Indian exports. A detailed evaluation to quantify delays and assess the situation is pending, given the ongoing nature of the situation.
  6. The Commerce Secretary chaired a meeting with exporters to discuss the Red Sea crisis’s trade impact. The assessment of the situation’s repercussions on trade remains a priority.

Latest articles

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...

AI Model Backed by Mukesh Ambani to Launch in March

A consortium backed by Mukesh Ambani’s Reliance Industries Ltd. and India’s top engineering schools...

More like this

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...