Brief by Shorts91 Newsdesk / 02:55pm on 23 Dec 2023,Saturday India Global
Kanpur exporters are withholding ₹100 crore worth of export consignments due to the Israel-Hamas conflict and heightened attacks on cargo ships in the Red Sea. Shipping companies' refusal of insurance coverage and increased freight costs by 35% on alternative routes have impacted manufacturing costs. The Red Sea, a crucial trade route, is witnessing attacks by the Houthis. Exporters fear robbery or destruction of consignments, prompting a holdback. Industry leaders warn of adverse effects on exports, urging government intervention to address the crisis's economic implications.
