Freight shipping costs have been increasing dramatically over the last few months, causing exporters to lose business from several countries.
Freight costs to both Europe and the US have increased by 100 per cent, and to places such as American West Coast and the UK there is an increase of over 200 per cent over the last quarter.
Firms in the US and Europe import from India because of the cost advantage, but countries like South America, East Europe have similar labour cost structures as India and it is easier for them to export.
Milan Thakkar, CEO of construction material manufacturing firm Walplast said he too is losing export orders.
