BIFA responds to UK pre-Brexit budget
The British International Freight Association (BIFA) has responded to the UK Budget announced by Chancellor of the Exchequer, Philip Hammond by welcoming investment in infrastructure and a fuel duty freeze but voicing concern about the consequences of a ‘no deal’ Brexit in March 2019.
Robert Keen, director general of BIFA, said that the potential for new tariffs could render the new agenda “unsustainable,” stating that BIFA members “remain concerned about the potential impact on infrastructure plans, labour shortages and border delays of a no-deal Brexit, and want to see much more progress with the agreement on several key processes if a frictionless border is to be achieved.”
India and Bangladesh sign port deal
A new deal between India and Bangladesh will designate two dedicated ports for trade between the two countries.
“The two countries have signed an agreement to use Chattogram and Mongla Ports in Bangladesh for movement of goods to and from India. A Standard Operating Procedure (SOP) has also been signed for movement of passenger and cruise services,” said Indian Shipping Secretary Gopal Krishna.
Asia airfreight rates soar
Airfreight rates ex-Hong Kong have risen to US$4.58 per kg to New York as a capacity squeeze hits the Asia-US sector, including major carriers, Cathay Pacific, Cargolux and Asiana. Rates to Los Angeles are marginally lower.
“The air freight market is very busy in China and Asia,” said one Asia-based forwarder. “The rate is increasing every week. But space is still extremely tight, even with high rates.”