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Date: 02/08/2024

Exports hit by rising shipping rates, vessel scarcity
 
Exports from Panipat (Haryana) have witnessed a slump due to elevated freight charges and scarcity of ships. Soaring global fuel prices along with geopolitical tensions have badly impacted the transportation of goods from this northern Indian city. Freight rates have ballooned to $5,200 per container pertaining to European ports, rising over five-fold since last year, said reports. Vessel shortages mean thousands of containers are stuck at ports awaiting shipment. The months from May to August are prized by exporters as major festive orders arrive from markets in Europe and America. But inflated transportation costs have made even small orders financially unviable. Further, delays in deliveries could cause buyers to cancel Christmas period contracts, resulting in heavy losses. Industry leaders point out that Panipat’s $15 billion export trade may decline over 50% this year due to these dual challenges, as per a report.
 
Source: Exim News Service: Panipat, Aug. 1



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