Ministry outlines measures to boost exports amid sea freight rate increase

The Ministry of Industry and Trade (MoIT) has asked local associations and businesses to take measures to promote imports and exports amid a surge in sea freight rate.

The increase in transporting cost and local congestion at some Asian ports as well as the lack of empty containers have had an impact on import and export activities, according to the MoIT.

Key measures include promoting co-ordination between import and export businesses and logistics firms to improve capacity, jointly develop production and business and transportation plans, and goods import and export plans as a basis for signing long-term contracts with shipping lines, minimizing the impact of freight rates and surcharges in the current period of complex and unpredictable developments in the international market.

The MoIT proposes to study alternative routes, including a combined multilateral transport route, going by sea to ports in the Middle East, and then travelling by air, rail or road to Europe.

It is also necessary to further tap advantages of free trade agreements (FTAs) and speed up the process of handling backlogged goods at ports, contributing to promoting the flow of goods and improving the capacity of handling goods at ports, according to the MoIT.