Global Trade Faces Turbulence Amid Cape of Good Hope Delays

Global trade, including Indian exports, is being affected by longer shipping routes via Cape of Good Hope, according to India's Commerce Minister. Despite delays, there are no reported container shortages. Limited container manufacturing capacity in India affects the market. Steps are being taken to mitigate the situations.

Global trade is facing challenges as ships take longer routes through the Cape of Good Hope, impacting India's export landscape, said Commerce and Industry Minister Piyush Goyal.

Despite extended voyage times, no container shortages have been reported, the minister assured, citing regular assessments with shipping and port authorities.

India's domestic container manufacturing is limited due to economies of scale and competition from international players, though efforts continue to alleviate the issue, including ongoing initiatives by CONCOR.

(With inputs from agencies.)