India’s container trade growth slumps to 1%
The findings by logistic firm AP Moller – Maersk suggest that India’s container trade growth slowed to 1% due to growing trade tensions, rural distress and slump in manufacturing sector.
“The overall deceleration of trade growth reflects a broad-based slowdown across key economic sectors. Amidst increasing global volatility, a slower local economy and the USA’s withdrawal of preferential access for certain Indian products, India’s import-export trade is expected to continue to face headwinds in the coming months,” Steve Felder, MD, Maersk South Asia stated.
The highest growth was registered by West India, with imports growing at 4% and exports at 11%; while North India’s performance was dismal with a steep 9% drop in exports & 1% growth in imports. South India recorded 1% import growth and 2% export growth, whereas East India recorded 2% growth in imports and 1% contraction exports.