Ministry of Commerce Discusses with Shipping Company Representatives the Implications of Rising Transport Costs on Goods Supply and Price Stability - Sarmad
(KUNA) – The Ministry of Commerce and Industry, represented by the Commercial Control and Consumer Protection Department, held a meeting today, Wednesday, with representatives of shipping companies to discuss the repercussions of rising transportation, shipping, insurance, and logistics costs on the supply of goods to the country and the stability of commodity prices in the local market, amid the current circumstances in the region.
Faisal Al-Ansari, Director of the Commercial Control and Consumer Protection Department, told the Kuwait News Agency (KUNA) that the meeting addressed the repercussions of developments related to the Strait of Hormuz, the impact on maritime navigation and shipping routes, and the resulting increase in transportation, shipping, insurance, and logistics costs.
Al-Ansari added that these developments have led to a noticeable increase in the cost of supplying goods to Kuwait, necessitating close monitoring of shipping movements and associated costs to ensure the continued flow of goods to the local market and to mitigate any unjustified impacts on their prices.
He clarified that shipping company representatives indicated during the meeting that container costs have risen, creating an additional cost that could be reflected in the prices of goods and products.
He noted that representatives of these companies explained they are utilizing alternative shipping routes and lines, including picking up and receiving containers in various Gulf Cooperation Council (GCC) countries and using alternative ports when necessary, to ensure the continuity of cargo movements and prevent disruptions in supply operations.
Al-Ansari pointed out that this mechanism will provide suitable alternatives for delivering goods to Kuwait, reduce delay periods, and limit additional shipping costs, thereby contributing to maintaining supply fluidity and stabilizing the local market.
He added that the department will study appropriate solutions and alternatives to mitigate the effects of rising shipping costs, thereby enhancing consumer protection and preserving the stability of commodity prices and their continued availability in the local market.
