India’s containerised trade contracted by about 8% in Q3 (July-September), built-in delivery firm Maersk stated in a report. Container shipments, nevertheless, rose 31% from the previous quarter indicating trade is on a path of restoration, it stated.
Exports rose 14%, buoyed by rising demand for Indian textiles and apparels particularly in the North American markets, and surged 47% quarter-on-quarter (Q-o-Q). Imports, nevertheless, contracted 28% from a yr earlier.
“Owing to staggered supply and demand shocks across geographies, combined with challenging economic indicators in Q2 and Q3, Indian containerised trade has been severely impacted,” Maersk stated. “Whereas exports have recovered strongly, imports remain subdued,” it added.
“Changing patterns in retail behaviours are reshaping supply chain trends to an extraordinary extent, leading to a growing focus on risk mitigation and resilience-building, while dealing with threats of growing trade protectionism,” stated Steve Felder, Managing Director, Maersk South Asia.
Apart from textiles and aparels, different commodities that witnessed development in exports embrace tile, stone and glass to the North European area, and seeds, beans, cereal and flour to the Middle East and Mediterranean nations.
In imports into India, commodities resembling paper, metallic, home equipment and kitchenware confirmed elevated quantity because the final quarter, although they’re far beneath the degrees in the identical interval final yr.
Volumes of home equipment and kitchenware coming from China are nearly half of what they had been final yr in the identical quarter, however are exhibiting development of 25% over Q2 2020. Imports of paper from the U.S. present the same development, being 40% decrease than final yr’s third quarter, however with a development of over 25% from final quarter, this yr, it stated.
As trade continues to navigate foggy situations, most up-to-date traits point out an general restoration of import-export trade will start in the primary half of 2021, Maersk stated.