The accumulation of uncleared containers within the port premises of Jawaharlal Nehru port, known as pendency problem, is no longer a matter of concern to shippers, shipping lines and others. The accumulation is currently estimated at 5,000 TEUs, lowest for this time of the year. It would normally be more than 10,000 TEUs on an average during this time in previous years. One reason for this, is the efficient handling of rakes by the three container terminal operators of the port. Right now about 16/17 pairs of rakes a day can be handled by the operators without difficulty as compared to 12/13 previously.
Second, the monsoon so far this year in Mumbai, has been less compared to that in the same period of previous years, hence less dislocation in movement to and from the port.
However, there is a third, and perhaps most important, reason. There has been a drop in the volumes of imports and exports. In fact, the drop is visible more in imports than exports.
The drop in imports is estimated at 10 per cent and in exports around seven to eight per cent. The circles concerned are hopeful of a turnaround from end August/early September but not every one is so optimistic.
With the inflation rate ruling at 12 per cent, the tight money policy is to continue and most banks have already hiked their lending rates dampening the credit demand of the trade and industry. The imports and exports might be on a low key for some more time.
Second, the monsoon so far this year in Mumbai, has been less compared to that in the same period of previous years, hence less dislocation in movement to and from the port.
However, there is a third, and perhaps most important, reason. There has been a drop in the volumes of imports and exports. In fact, the drop is visible more in imports than exports.
The drop in imports is estimated at 10 per cent and in exports around seven to eight per cent. The circles concerned are hopeful of a turnaround from end August/early September but not every one is so optimistic.
With the inflation rate ruling at 12 per cent, the tight money policy is to continue and most banks have already hiked their lending rates dampening the credit demand of the trade and industry. The imports and exports might be on a low key for some more time.