KARACHI: Recession in the world is due to Covid-19 pandemic, as freight rates by road, air and sea are getting costlier with every passing day, said Ateeq Ur Rehman, economic and financial analyst.

He said that availability of containers locally is not satisfactory, adding one of the reasons is the limited frequency of ships calling on our ports, thus raising container charges to 300%. Paying too much freight is out of the question and competition for both importers and exporters is increasing the cost of doing business.

He said that paucity of ships calling in results in excess load of export containers, thus creating a situation of non/late delivery of export goods. At the same time bearing cost of terminal and shipping is a great burden for the importers once they get their containers unloaded during knitted holidays.

Furthermore, he added that the import/ export trade volume between Pakistan and China has increased exclusively and explosively.

Copyright Business Recorder, 2021