Indian traders who rely on imports are facing a shock!

According to market data, spot freight rates from Asia to India have doubled in the past month or so. The freight rate from Shanghai to Nhava Sheva, India,
is currently $1,600 for a small container and $1,900 for a large container, while the prices were $800 and $900 respectively a month ago.

Freight rates from other Asian ports to India have also risen significantly. The freight rate from Singapore to Nhava Sheva has risen to $1,250 for a small
container and $1,550 for a large container, while the average prices in mid-October were $700 and $1,000 respectively.

The freight rate from Hong Kong, China to Nhava Sheva has risen to $1,600 for a small container and $1,900 for a large container, which has also doubled
compared to the end of October.

"Ocean rates from the Far East to India have risen again and our forwarders are having trouble finding enough space," said a Mumbai-based shipper.

Industry sources said there has been a severe shortage of capacity in the Asia-India market over the past two weeks. Previously,many regional and trunk
operators had temporarily deployed extra capacity to take advantage of China's export peak, but these ships were subsequently diverted to other markets,
some of which were transferred to the Red Sea and Mediterranean routes.

More worrying for shippers is that CMA CGM has notified Indian customers of three suspensions on its AS9 (Asia-Subcontinent Express) service in December,
 including the "Zhonggu Nanning", "ONE Matrix" and "TS Keelung". "Customers are requested to re-plan their cargo transportation plans based on this
adjustment," CMA CGM said in the announcement.

In addition, another intra-Asia route AS6 service operated by CMA CGM will also skip the Indian port of Pipavav and Hong Kong, China on its current
eastbound voyages. CMA CGM told customers: "Cargo already booked for Pipavav or Hong Kong (on the 'Xin Beijing') will be postponed to the next ship."

Historically, the Asian market has always been the main source of India's imports (including industrial and consumer goods). In addition,
India's purchases usually increase in the second half of the year due to domestic festival demand in India.

At the same time, India's strong performance in commodity exports in October has brought new hope to industry stakeholders and policymakers.
According to the latest data, India's total export trade in October increased by 17% year-on-year, the fastest growth in more than a year.

Ashwani Kumar, president of the Federation of Indian Export Organizations (FIEO), said in a statement: "Against the backdrop of continued uncertainty
in the global economy, such a significant double-digit growth is undoubtedly an encouraging sign of recovery."

Industry insiders believe that the recovery of India's clothing trade, partly benefited from the turmoil in related industries in Bangladesh, may have driven
this export growth performance to a certain extent.