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Exports may take $30 billion hit over Red Sea threats
India may see around $30 billion shaved off its total exports in the current fiscal year, as threats to cargo vessels in the Red Sea lead to a surge in container shipping rates and prompt exporters to hold back on shipments. The initial assessment, conducted by the Research and Information System for Developing Countries would mean a 6.7% drop in Indian exports, based on last fiscal year's $451 billion total. The number of ships passing through the Suez Canal is down about 44% compared to the average for the first half of December.
India may see around $30 billion shaved off its total exports in the current fiscal year, as threats to cargo vessels in the Red Sea lead to a surge in container shipping rates and prompt exporters to hold back on shipments. The initial assessment, conducted by the Research and Information System for Developing Countries would mean a 6.7% drop in Indian exports, based on last fiscal year's $451 billion total. The number of ships passing through the Suez Canal is down about 44% compared to the average for the first half of December. 
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