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Containerized trade growth slows to 1%

Date: 24-09-2019
Subject: Containerized trade growth slows to 1%
Chennai: While India’s containerized trade growth slowed to 1% in Q2 2019, (9% in the same period last year) due to a combination of international factors including slowing trade growth, and growing trade tensions – coupled with domestic factors like rural consumer distress, tightening liquidity and a slow-down in key manufacturing sectors. Exports to the north America, predominantly the US rose 14% y-o-y.

India’s exports to China declined by 20%, led by a reduction in demand for textiles and apparel, which were large export commodities in the corresponding period last year. Imports from China contracted more, by 22%. 

On the other hand, the increasing economic cooperation between India and Saudi Arabia led the latter to emerge as one the strongest export partners in Q2 2019, growing by 74%, with vegetables and tiles, stone and glass exports from India leading this growth, said Maersk India Trade Report.

Overall trade with Europe grew 10% in Q2 2019, while containerized trade with the Mediterranean countries was flat, primarily due to a 2% contraction in exports.

Shipments to the US was driven by sea food, more specifically shrimps — that grew 14% y-o-y. “India has a great opportunity to position itself as a beneficiary of the global trade tensions, provided it can attract investment, move up the ease of doing business index and reduce costs related to logistics,” said Steve Felder, MD, Maersk South Asia.

On the import side, while domestic demand for textiles, apparel and accessories from North America grew, commodities such as fruits and nuts, vegetables and foodstuff experienced a weakening demand, the report said.West India delivered the highest growth with imports growing at 4% and exports at 11%. North India on the other hand delivered 1% growth in imports yet a steep decline of 9% in exports. South India registered 1% import growth and 2% export growth, while East India recorded 2% growth in imports and contracted by 1% in terms of exports.

Source: timesofindia.indiatimes.com

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