Maersk's India boxship business has fallen to and from China yet widened to Saudi Arabia and North America.
India exports to the Land of the Red Dragon dropped 20%, driven by less demand for India-made textiles and apparels, according to the Danish liner giant. Imports to China fell 22%.
"Amidst increasing global volatility, a slower local economy and the USA’s withdrawal of preferential access for certain Indian products, India’s import-export trade is expected to continue to face headwinds in the coming months," Maersk South Asia managing director Steve Felder said.
