Indian exports face a serious erosion of competitiveness in the global markets from rising shipping and container rates, the Trade Promotion Council of India (TPCI) said in a statement on Wednesday, August 11.
According to the TPCI, prices of Indian exports face an average increase of five to eight percent in reaction to the sharp rise in shipping and container charges impacting products’ competitiveness in the international markets.
It said that data showed that container charges for a 20-foot container to the US have increased to $6,000 from the level of $1,800 prevailing before the pandemic.
The charges for 20-foot containers of shipping lines to Europe was up an average of 57 percent since start of the pandemic, the TPCI said, adding that the surge in freight and container costs will slow down Indian exports to key markets in the west.