International maritime trade on the decline, reveals senior officials

Kolkata: Senior officials from the maritime sector have pointed out that the trade through sea has been on the decline.

According to IBEF data, the total exports from India (Merchandise and Services) registered a growth of 1.60 percent year-on-year during April-November 2019 to US$ 353.96 billion, while total imports estimated to be US$ 408.02 billion, exhibited a negative growth of 5.30 percent according to data from the Ministry of Commerce & Industry.

"Allied sectors that are adversely affected by fall in figures of international trade are container vessels, bulk carriers, project cargo vessels, break bulk conventional vessels, ports, ship builders, ship management companies, classification surveyors, marine insurance companies, ports, barge industry, dredging companies, salvage companies, cargo and vessel surveyors, etc." said Capt S B Mazumder, chairperson, Shipping Committee of the Bengal Chamber.

He was addressing the "Annual Shipping conclave –Future Strategies of The Shipping Industry-Vision 2030," organised by The Bengal Chamber at a city hotel on Friday.

According to the officials, the maritime sector plays a significant role and contributes to international trade and cargo movement of a country. The sector has been experiencing a state of uncertainty, which is eventually affecting international trade and the GDP.

Satinder Pal Singh, the Joint Secretary-Shipping of the Ministry of Shipping, said while addressing the conclave: "The Ministry wants to provide an enabling environment for ports so that they can compete with the best in the world. Most of our vessels go abroad for repairs. It also wants to have at least one world-class ship repair facility or hub, similar to the one in Cochin. There is focus on cruise tourism as well."

"Our main focus is on port and logistics, power generation and infrastructure and mining logistics. We are committed to bringing clean energy to the country and we also want India to have sufficient electricity and are very focused on solar business," said Capt Sandeep Mehta, chairman, Ports and Shipping Committee ASSOCHAM.