FBATI Expressed Concern Over 700% Increase in Freight Rates – FBATI | Federal B.Area Association of Trade & Industry, Karachi

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Published by fbati on March 16, 2021

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Freight Rates

FBATI Expressed Concern Over 700% Increase in Freight Rates

Freight Rates

Federal B Area Association of Trade and Industry has expressed concern over the 700 per cent increase in the cost of transporting container cargo around the world, including Pakistan, due to the dramatic increase in imports.

President Fbati Muhammad Ali said that international freight costs have increased by 500 to 70,000 per cent in the last two months. He said that 20-foot containers coming from China to Pakistan increased up to US$3,000$ which was US$700 in June 2020.

Mohammad Ali said that the Pakistani government was not responsible for the international trade situation and there was no short-term solution for the government. However, in the future, Pakistan can cope with a similar situation by increasing the number of shipping companies.

Mohammad Ali said, adding that the demand for textiles from Pakistan is higher than other countries due to the increase in freight charges. The delay will be unfortunate for us and it is feared that as a result we may lose many opportunities.

Unfortunately, the PNSC does not have enough space for containers and ships to do anything in this situation, he said. That if other countries increase their export rebates, Pakistan will have opportunities to stay in competitive.

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