Moradabad's export business decreased by 40% in 5 months due to increase in container rates

Moradabad, 27 June (HS). The rise in the prices of raw materials and the increased rate of containers has affected the export business of Moradabad. Due to the increase in the rate of containers, Moradabad's export business has decreased by 40 percent in the last five months. Apart from this, the Russia-Ukraine war, Israel-Hamas war and America's economic recession have also had a great impact on the export business of Brass City. The exporters of Moradabad are very worried about this.

Moradabad Handicrafts Exporters Association General Secretary Awadhesh Aggarwal said on Thursday that Moradabad's handicraft business is being affected from all sides. There is still a recession-like situation in the US, while nearly 70% of Moradabad's exports are to the US. The rates of containers have gone from $600 to $1900. Raw materials have become 15% more expensive. Due to this, Moradabad's exports have decreased by 40%.

There are 2400 exporters in Moradabad, every year exports worth 8 to 9 thousand crores rupees are done

There are around 2400 small and big exporters in Moradabad, the brass city. Every year, on an average, exports worth eight to nine thousand crores rupees take place from here. Of this, 60 to 70 percent exports are to America alone. According to exporters, business was better during the lockdown. Exporters of the brass city received 30 to 35 percent more orders from foreign buyers. But after that, the situation kept worsening. Even now, Moradabad's exports have not returned to track. Sometimes the business was affected by the Russia-Ukraine war, and sometimes it was due to America's economic reasons. Opening of the Chinese market has also caused a loss to Moradabad's exports.

3 times increase in container rates and 15% increase in raw material prices:

The threefold increase in the rate of containers and the 15% increase in the prices of raw materials (brass, steel, copper, aluminium, iron) at the local level have also affected the exports. This is the reason why Moradabad's exports have declined by about 40% in the last five months.