India News | Long Voyage Time Due to Ships Taking Longer Routes Has Impacted Global Trade: Goyal
Get latest articles and stories on India at LatestLY. The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports, Commerce and Industry Minister Piyush Goyal said on Tuesday.
New Delhi, Dec 3 (PTI) The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports, Commerce and Industry Minister Piyush Goyal said on Tuesday.
This has resulted in increased time for goods to reach international markets, he said.
"No shortage of containers has been, however, reported on account of the longer voyage time or the Red Sea conflicts issues and Russia-Ukraine War," the minister said adding regular interactions are done with shipping lines, port/ terminal, and export/import associations to assess for possible interventions.
He added that there is limited demand for containers manufactured in India and accordingly the limited manufacturing capacity for containers in India.
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The container manufacturing industry is dominated by economies of scale that favour established manufacturers from other countries, who benefit from lower production costs, advanced technologies, and immediate cargo loading opportunities.
"The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports," he said in a written reply to the Lok Sabha.
The minister informed that Container Corporation of India Limited (CONCOR) have placed order with Amba Coach Builders Pvt ltd located in Andhra Pradesh of total 2500 containers since 2021 out of which 28 containers have been delivered till November.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)