The outlook for exports could be challenging as growth rates in top trading partners are expected to decelerate as hundreds of container ships are taking long routes around Africa to avoid violence in the Red Sea, creating extra costs and delays. Exports are already contracting mainly impacted by slowdown in global growth and trade, oil prices, climate change, spreading viruses, wars and exchange rate fluctuations.

World’s second-largest owner of container ships has instructed its vessels heading for the southern entrance of the Red Sea to pause their voyages after its vessel Maersk Gibraltar was attacked. The wave of attacks against merchant ships in the Red Sea / Suez Canal is forcing companies to send ships on longer routes and threatens to hurt an already down global economy.

Global Digitability and Challenges to Export / Import – Accelerating Deglobalization – Role of embassies, commissions and consulates.

International embassies and consulates are crucial in fostering diplomatic, economic, cultural and strategic affinity and cooperation between nations. Officials of the commercial wings of Embassies and High Commissions therefore become an important link for local companies to understand business opportunities in their respective countries.

They can provide major inputs on opportunities with respect to bilateral trade and investments, business alliances, technology transfers, joint ventures, and other mutually beneficial areas of bilateral partnerships between businesses. To facilitate trade and to provide insights on the business opportunities in their country, Trade Commissioners of various embassies are participating in many Business Summits..