Israel-Hamas Conflict To Make Shipping Costlier For Indian Exporters

New Delhi, Oct 9 (KNN) According to experts the ongoing conflict between Israel and Hamas is likely to impact Indian exporters facing higher insurance premiums and shipping costs, reported Business Standard.

On Saturday morning Hamas militant group carried an unprecedented multifront attack on Israel by air, land and in its southern parts.

Think tank Global Trade Research Initiative (GTRI) said on Sunday, “For merchandise exports of India, the war may lead to higher insurance premiums and shipping costs. India's ECGC may charge higher risk premiums from Indian firms exporting to Israel.”

ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is wholly owned by the government of India. It was set up in 1957 with the objective of promoting exports from the country by providing credit risk insurance and related services for exports.

Mumbai-based exporter and founder chairman of Technocraft Industries India Sharad Kumar Saraf said the conflict may have an impact on Indian exporters in the short run, reported Business Standard.

“But if the war escalates, things may get bitter for our exporters of that region,” Saraf said.

GTRI co-founder Ajay Srivastava said trade may be seriously impacted if operations at the three largest ports of Israel- Haifa, Ashdod and Eilat are disrupted.  (KNN Bureau)