Strikes at US ports to impact India, Indonesia, and South Korea: Moody
03 Oct 2024
2 Min Read
CW Team
The ongoing strikes by dockworkers at major US ports along the East Coast and the Gulf of Mexico are expected to significantly impact India, Indonesia, and South Korea due to their heavy reliance on these ports, according to a report by Moody鈥檚 Analytics. The strikes, led by the International Longshoremen鈥檚 Association, have halted operations at 36 major ports, which handle nearly 55% of the container traffic moving in and out of the US, including the 14 largest ports from Maine to Texas.
鈥淐ountries like Indonesia, India, and South Korea, which rely heavily on these ports, will be hit hard, whereas more diversified trading economies like Hong Kong, Singapore, and Malaysia will be relatively insulated,鈥� said Harry Murphy Cruise, Economist at Moody鈥檚 Analytics.
As per the Ministry of Commerce and Industry, trade between India and the US stood at $119.71 billion in the 2023-24 period, underlining the significance of these ports for bilateral trade.
Moody鈥檚 also emphasised that Cambodia is expected to be the most impacted, with around 45% of its exports heading to the US, of which 30% transit through these disrupted ports.
鈥淔or Asia, shortages would be most prominent in commodities. Crude and refined petroleum products make up nearly 20% of all exports to Asia from these 14 ports, while soybeans account for approximately 6%. Vehicles and electronics could also face delays if outbound shipments do not resume soon,鈥� the report noted.
(ET)
The ongoing strikes by dockworkers at major US ports along the East Coast and the Gulf of Mexico are expected to significantly impact India, Indonesia, and South Korea due to their heavy reliance on these ports, according to a report by Moody鈥檚 Analytics. The strikes, led by the International Longshoremen鈥檚 Association, have halted operations at 36 major ports, which handle nearly 55% of the container traffic moving in and out of the US, including the 14 largest ports from Maine to Texas.
鈥淐ountries like Indonesia, India, and South Korea, which rely heavily on these ports, will be hit hard, whereas more diversified trading economies like Hong Kong, Singapore, and Malaysia will be relatively insulated,鈥� said Harry Murphy Cruise, Economist at Moody鈥檚 Analytics.
As per the Ministry of Commerce and Industry, trade between India and the US stood at $119.71 billion in the 2023-24 period, underlining the significance of these ports for bilateral trade.
Moody鈥檚 also emphasised that Cambodia is expected to be the most impacted, with around 45% of its exports heading to the US, of which 30% transit through these disrupted ports.
鈥淔or Asia, shortages would be most prominent in commodities. Crude and refined petroleum products make up nearly 20% of all exports to Asia from these 14 ports, while soybeans account for approximately 6%. Vehicles and electronics could also face delays if outbound shipments do not resume soon,鈥� the report noted.
(ET)
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