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Indian containerised trade has been severely affected this year because of the staggered supply and demand shocks across continents along with challenging economic indicators, according to global container logistics company Maersk, which recently said the overall recovery in imports and exports is expected in the first half of the next year.
Maersk said while exports witnessed a strong rebound on the back of rising demand for textiles and apparel, imports remain subdued, with signs of slow recovery coming in towards the end of the year.
The pandemic also highlighted the significance of global trade and the inter-dependence of nations, bringing to fore the importance of the logistics sector as essential for the continued delivery of critical supplies in times of crisis, and for enabling economic recovery, Maersk said in a press release.
During the third quarter of 2020 (July to September), the Indian containerised trade contracted by about 8 per cent compared to the same period last year.
However, compared to the second quarter, there has been a 31 per cent increase in volumes, indicating that trade is on a path of recovery, the release said.
Exports grew by 14 per cent over the third quarter of last year but were 47 per cent higher than the second quarter of 2020, it said. Imports are, however, 28 per cent lower than the third quarter of 2019, but have recovered by more than 30 per cent from the second quarter 2020.
The rising demand for Indian textiles and apparels, especially to the North American markets, has driven tremendous growth in exports in the September quarter, the company said.
Apparel and textiles contribute a quarter of exports to North America, and these volumes delivered a growth of 10 per cent over the same quarter last year, it said, adding the exports of these two to the Mediterranean markets also grew by 10 per cent.
Fibre2Fashion News Desk (DS)
Indian containerised trade has been severely affected this year because of the staggered supply and demand shocks across continents along with challenging economic indicators, according to global container logistics company Maersk, which recently said the overall recovery in imports and exports is expected in the first half of the next year.