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'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)
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