Schedule a Call Back
'Made in India' export surge draws major shipping lines to expand services
Industry News- Aug 19,24
Global importers are increasingly seeking alternatives to China, with significant volumes of Indian exports including automobiles and polyethylene (PE) products.
India's growing manufacturing sector is attracting major container lines looking for new growth opportunities amidst shifting trade patterns in Asia. In response to this trend, MSC is launching a new weekly Asia-South America East Coast service tailored for Indian cargo, with a key transshipment hub in Colombo, Sri Lanka.
The new Carioca service will include direct calls at Rio de Janeiro, Paranagua, Imbituba, Itajai, and Santos, and will offer enhanced coverage to Paraguay (Caacupemi), Montevideo, and Buenos Aires through transshipments at Rio. MSC Agencies (India) announced that this service will provide increased connectivity and frequency for cargo originating from India, with the first sailing scheduled for the MSC Nairobi, arriving in Colombo on September 10.
This development comes as Indian exports to Latin America are experiencing notable growth. Global importers are increasingly seeking alternatives to China, with significant volumes of Indian exports including automobiles and polyethylene (PE) products. Data shows a 19% increase in the value of Indian exports to Latin America and the Caribbean in fiscal year 2022-23, reaching approximately $22.4 billion.
Other shipping lines are also expanding their services to connect India with Latin America. HMM has extended its Asia-Latin America service, FIL, to include India with a call at Kattupalli port near Chennai. The carrier is also aggregating cargo from western India via its China-India (CIX) service, which stops at Nhava Sheva and Mundra.
Despite a slight 1% decline in Indian merchandise exports in July, following a period of growth since April, the long-term outlook remains positive, according to Ashwani Kumar, President, Federation of Indian Export Organisations. Kumar attributes recent export challenges to rising international freight costs, logistical issues such as container shortages, irregular shipping schedules, and skipped Indian ports.
He noted that, barring these disruptions, Indian merchandise exports would likely have continued their positive growth trend in July.
(The Loadstar)
Related Stories
Policy Regulation
China dominates electronic components supply for 'Made in India' products
In 2023-24, India's total electronic components imports reached $34.4 billion, making them the fifth largest import category.
Read morePolicy Regulation
Indian toy industry exports reach $523.24 million; surpass imports
The next objective for Indian toy manufacturers is to reach international consumers more effectively through online platforms, according to government plans.
Read moreProcess Equipment
Indian pharma exports surge with 8.36% growth in July 2024
The Indian pharmaceutical industry is projected to grow to $65 billion by 2024 and to $130 billion by 2030.
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
