News / Indian exporters suffer as spot rates climb, despite carrier rate cap

© Vitalij Sova

India’s merchandise exports continue to bounce back from the lows of 2020, but container services are still struggling to keep up with demand.

Exports increased 45.8% year-on-year last month, to $33.2bn, albeit at a slower rate of growth than the 50% uptick seen in July.

As a result, competition for container space is fierce and rates are rising faster than ever ? despite carrier announcements regarding spot rate caps, according to Rakesh Pandit, CEO of Pune-based Conbox Logistics.

“The cap on ocean freight ...