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Contracts have been renegotiated so that exporters and importers share the increase in freight costs and pass them on to customers
India's merchandise trade in December grew by 1% to $38.45bn, with import declines contributing to a reduced trade deficit, according to the commerce ministry. The disruption in the Red Sea trade route caused by Houthi rebels in Yemen affected 80% of India's merchandise trade with Europe. While the first nine months of the 2023-24 financial year saw a 5.7% decrease in exports to $317.12bn, the commerce secretary said the three months to March were typically stronger for trade. The government hopes to find solutions for trade disruptions and explore opportunities for exporting affected inventor...
India stares at increased costs of some commodities and disruption to its energy supplies if the crisis in the Red Sea continues to escalate in the coming days
The project is crucial as India and the UAE aim to double their non-petroleum trade target to $100 billion by 2030 as part of the Comprehensive Economic Partnership Agreement (CEPA), which came into effect last year. The complex is to be set up in Jebel Ali Free Zone (JAFZA), a DP World company.
They said that the present situation is not alarming but if the illness spreads to other parts of the globe, it will have an impact on world trade as China is a hub of global manufacturing and exports.