Nippon Cargo | Shipping-Cargo-Finance

Main Menu

  • Home
  • Air Cargo
  • Cargo Handling
  • Merchant Ships
  • Shipping Rates
  • Cash

Nippon Cargo | Shipping-Cargo-Finance

Header Banner

Nippon Cargo | Shipping-Cargo-Finance

  • Home
  • Air Cargo
  • Cargo Handling
  • Merchant Ships
  • Shipping Rates
  • Cash
Shipping Rates
Home›Shipping Rates›ocean freight rate: Ocean freight rate down 15%; Better container availability

ocean freight rate: Ocean freight rate down 15%; Better container availability

By Cynthia D. Caldwell
June 12, 2022
0
0
Container availability has improved and ocean freight rates have fallen by up to 15%, exporters said. Still, growth in export volume in the current fiscal year may not be significant as global inventory is high and key rates in global markets are up, they added.

The Federation of Indian Export Organizations (FIEO) has pegged India’s merchandise exports in the current fiscal year at $475 billion, 14% higher than the previous fiscal year, but significantly lower by growth seen in FY22 versus FY21.

In FY22, India’s merchandise exports increased by 43% from FY21 to $418 billion.

“In FY22, global markets built inventory as commodity prices rose. Exports had picked up momentum after the second wave of Covid-19, but now, due to the inflationary pressure, export volume growth will be lower,” said Ajay Sahai, Managing Director. of the FIEO.

If the Russian-Ukrainian conflict does not end soon, the dynamic could change, he said.

“As things stand, India’s merchandise exports in FY23 may not exceed $475 billion,” Sahai added.

As China’s economy opens up after four months of Covid-19-induced shutdowns, Indian exporters will face increased competition from China in global markets, he said.

“Container availability has improved and freight costs have dropped by 10-15%. We have to see how long this situation will last,” said Mahesh Desai, President of Engineering Exports India.

“Once China gets active, the container shortage might reappear,” said Ravi Sehgal, former chairman of the Engineering Export Promotion Council of India.

While international container prices rose by up to 15% on average in May, in India they fell, mirroring the trend seen in China. There was a month-on-month decline in 40ft container prices in Chennai to $4,015 in May from $4,044 in April. India recorded its highest textile and apparel exports ever at $44.4 billion in FY2022, indicating a 41% increase from FY21.

Ready-made apparel exports were $16 billion with a 36% share in FY22, up 31% from a year earlier.

Related posts:

  1. Alderman proposes to extend cap on delivery charges for third-party restaurants
  2. A title beat for Knight-Swift; 2021 to see mid-teens climb in contract rates
  3. Shippers Council and NIMASA tackle arbitrary charges by shipping companies –
  4. Public transportation is free in Eau Claire for Earth Day

Recent Posts

  • Ports of Los Angeles and Long Beach once again delay freight charges – Daily News
  • US port safeguards extend to freight rail supply chains
  • New cranes for Scottish container terminal with £17m boost
  • $8 million approved for third air cargo facility
  • China’s first 24,000 TEU container ship delivered to Evergreen

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019

Categories

  • Air Cargo
  • Cargo Handling
  • Cash
  • Merchant Ships
  • Shipping Rates
  • Privacy Policy
  • Terms and Conditions