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The Prime Minister's Office (PMO) is expected to evaluate the impact of Red Sea crisis on trade as exporters expect March and April trade to be hit. "So far there is no adverse impact on exports due to the crisis but traders expect the impact to figure in the numbers for March and April," said an official.
Senior officials from the ministries of commerce and industry, petroleum, finance and petroleum and natural gas met members from the industry. The PMO review could be early next week. "Exporters' bottom lines are getting hit in the existing contracts. We will have to take a call on new contracts," said an industry representative who attended the meeting chaired by the commerce secretary.
Shipments from India to Europe, US east coast, North Africa and parts of Asia, have almost stopped taking the Red Sea route. Exports from India are continuing as the sailings of ships carrying containers from the country have been diverted via the Cape of Good Hope route.
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