Businesses engaged in export-import (EXIM) transactions are not particularly happy about the steep decline in worldwide freight rates from a peak of $18,000 to $750 in a variety of regions, including the US and Europe.
Due to the general lack of demand brought on by the slowdown in the global economy, the EXIM industry is unable to fully capitalise on the situation.
The falling freight charge, in the opinion of All India Spices Exporters Forum’s Prakash Namboodiri, will greatly benefit buyers. But because of the crisis, consumers are forced to make frugally priced purchases on the international market, particularly in the US and Europe. Another issue is the increased regulatory anxiety brought on by pesticide-related problems in Europe.
