Indian Port Container Traffic Up 10%
A Maersk Line executive has noted that container traffic in India grew 10% in the July-September period, the highest growth in the year so far, according to The Economic Times.
Double-digit container volume growth is set to continue into Q4 2017 in India.
Steve Felder is the Maersk Line Asia Managing Director for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives.
Felder reportedly said India has outperformed industry expectations as well as competing markets.
A recent tax reform to the Goods and Services Tax (GST) in India was responsible for the boost to trade.
The reform replaced its numerous federal and state taxes with one, unifying the country into a single market.
Higher GDP growth and increases in consumption in the country, also helped to increase imports.
Imports are currently being broadened by a rising middle class and industrialisation.
While a report from the Indian Ports Association observed a much lower, 3.26% jump in traffic in the April-October period, and exports were seen to be waning, this report did not account for smaller ports or focus solely on container traffic.
The International Container Transshipment Terminal (ICTI) in Kochi Port registered its highest ever monthly throughput of 51,019 TEUs in October, 2017.