Economic Survey | India’s Bill on import of shipping services rose by 65%
The Hindu
Costs escalated due to global shortage of containers
The shortage of shipping containers is likely to be a “persistent problem” and has led to India spending $14.8 billion on importing transportation services, which was 65% more than the previous year, according to the Economic Survey.
It noted that the COVID-19 pandemic-related restrictions led to a smaller flow of containers in active shipping which, along with a slump in manufacturing of containers, distorted their demand and supply. “This had led to very high shipping rates. During April-September 2021, India spent US$ 14.8 billion on transportation services imports, which is 64.9 per cent higher than last year.”
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