Freight costs increase over 100%, exporters lose business

Freight shipping costs have been going through the roof over the last few months, causing exporters to lose business from several countries.The freight cost to both Europe and the US have increased by 100 per cent, and to places such as American West Coast and the UK there is an increase of over 200 per cent over the last quarter.
“We do a lot of business in South America. The cost of a 40 foot high cube container from India was around $4,000 for the entire fare about four months back. Now it has increased to $10,000,” Makrand Appalwar, MD of speciality packaging firm Emmbi Industries told Financial Express Online.