Freight Rates Surge 4x, Exporters Rush to Government for Help
What Happened
Indian exporters have sought urgent government intervention as vessel shortages and shipping disruptions have pushed freight rates on US and Europe routes to 3-4 times their earlier levels. The issue is affecting horticulture exporters and several other sectors.
Key Takeaways
Rising freight costs and vessel shortages are emerging as a major threat to India's export competitiveness, especially for time-sensitive products headed to Western markets.