Containerised cargo segment in India witnessed a double-digit growth of 10% during the first half (January-June) of the current year. The double-digit growth is being attributed to a mix of fluctuating rupee, growing industrial production and ongoing infrastructure developments in the country.

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As per AP Moller-Maersk’s trade report, the 10% rise included an increase in containerised exports to 8% and imports of 12%.

Automotive exports to the United States, Egypt and Turkey helped dry cargo exports grow 10%.

“China’s decision...to increase restrictions on waste imports and close certain types of factories to reduce pollution has continued to benefit local Indian paper recyclers and manufacturers,” read the report. The rising domestic demand for newsprint, packaging and writing paper has led to a 29% growth in waste paper imports to India, making it the fastest growing paper market.

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In a move that will help reduce the widening trade deficit, there was a decline in reefer imports, primarily because of the government imposing a ban on Chinese grown apples and pears since May 2017.

On the subject, Steve Felder, managing director for Maersk Line (South Asia), said, “Evolving external bilateral trade dynamics, coupled with an increasingly robust domestic trade environment is enabling India to position itself as among the most pursued global destinations for foreign investments.”

Source: DNA Money