Shipping is in crisis, and it will take time to recover9 min read . Updated: 22 Nov 2021, 12:42 AM IST
- The cost of transporting a container from India to major global ports has shot up by 300-800% since March 2020
- Worse, the global logistics crunch is likely to persist well into the next year. The CEO of Danish shipping giant Maersk reportedly said that ‘nothing’ in the data shows the situation will ease this year
NEW DELHI : These days, even the rare snippet of good news on the economic front ends up getting tempered with caveats rather swiftly. Preliminary data for October saw Indian goods exports grow by 42% compared to the same period a year ago. For this financial year, India’s goods exports have jumped 54% over the same period last year. Global trade is booming, as countries, consumers and industries begin a slow return to normalcy. Even assuming 2020 to be an anomaly due to the covid-induced lockdowns, India’s jump in exports still remains impressive when compared to similar periods in 2019.
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