Exporters anticipate a 10-15% increase in air freight to Europe after Iran’s attack. The Red Sea crisis is leading to a diversion of cargo to air, which is driving up costs. Delays caused by longer routes are impacting engineering exports. A Kolkata exporter is predicting a 30-35% decline in new project exports.
The Red Sea shipping crisis is predicted to disrupt global trade, according to a warning from the United Nations Conference on Trade and Development (UNCTAD).
