Shipping Industry sees revival in volumes as exports rise

India’s overseas container trade volumes doubled in 2016 to 10% as compared to the previous year, showing signs of revival in global economic activity. India's exports to Saudi Arabia showed highest growth at 16 per cent on the back of strong demand for ceramics and tiles, which grew by 80 per cent in 2016

While the demand for stones in Saudi increased, shipments from other suppliers like Spain and China decreased. Chinese companies focused on upgrading their production units leading to increase in prices, making India more cost competitive last year. Spain, on the other hand, shifted its sourcing base to India, which resulted in increased supply from India.

Owing to these factors, Indian shipping industry is witnessing a revival. Recently, we have seen signs of revivals in Container Corporation of India. It has loaded approximately 36 million tonnes (MT) of traffic in 2016-17, registering growth of 7.8 per cent over 33.39 MT.There was 9.2 per cent growth in export and import (Exim) segment of Container Corp from 27.28 MT to 29.8 MT. The company applied different strategies and took various initiatives like reduction in dwell time at JNPT, time-tabled trains and strategic ties with ports and private terminal operators.