Major jump in freight rates to hurt trade, say exporters

Exporters have expressed concern over the sharp increase in freight rates, which have surged by up to 700% due to the Red Sea crisis. This surge is expected to have a negative impact on global trade. In light of this, exporters have suggested that the government should consider establishing its own renowned shipping line. The Red Sea crisis has led to a significant rise in freight rates, with the Kolkata to Rotterdam route witnessing an increase from $500 to $4,000.