- In the westbound India-Europe trade route, short-term contract rates exhibited a mixed trend. Rates for 20-foot container bookings from JNPT or Mundra to Felixstowe/London Gateway (UK) remained steady, contrasting with the increase observed for 40-foot container loads.
- The nuanced dynamics suggest stability in this crucial trade route.
The India-Rotterdam trade route witnessed a notable rise in rates for both 20-foot and 40-foot containers. February saw an uptick to US$3,600 and US$3,900, respectively, compared to the previous month. This surge reflects the ongoing impact of global disruptions, emphasizing the interconnectedness of trade dynamics.
India-US Trades: Shifting Dynamics in Both Directions
The India-US trade routes experienced noteworthy adjustments in rates. Shipments from West India to the US East Coast witnessed a decrease in rates for 20-foot containers, while FEU rates increased. Conversely, rates for Indian container loads destined for the US West Coast exhibited a substantial decline, indicating evolving dynamics in these crucial trade corridors.
Varied Responses and Recoveries
Intra-Asia trades out of India showcased diverse responses. Some port pairings experienced recovery from previous lows, while others faced continued challenges. The West India-Yantian route saw increased rates, contrasting with the weakening trends in the West India-Shanghai trade. These variations underscore the complexity of regional trade dynamics.
Assessing the Impact on Indian Exports
As freight rates corrected post-Red Sea crisis-induced highs, concerns linger about the overall impact on Indian merchandise exports. The Federation of Indian Export Organisations (FIEO) emphasized the need to address challenges, including insurance availability and freight charge adjustments. Despite uncertainties, the sector maintains cautious optimism, foreseeing a potential surpassing of last year’s export figures.
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Source: India Shipping News
