Mumbai, March 20 (IANS) India to projected to drive 6 per cent of global trade growth in the next five years, securing third place worldwide behind the US and China, according to a new report released on Thursday.
In the next five years, India is anticipated to retain its third-place rank on the scale dimension as well as jump 15 spots to the 17th position on the speed dimension as its compound annual trade volume growth rate rises from 5.2 per cent to 7.2 per cent, according to the ‘DHL Trade Atlas 2025’.
“Additionally, India may also deliver 6 per cent of the world’s trade growth, behind China (12 per cent) and the United States (10 per cent),” the report mentioned.
DHL and the New York University Stern School of Business released the report, providing a comprehensive analysis of the most important trends in global trade.
Asia’s trade outlook remains positive, mirroring global trade, which is forecast to grow faster over the next five years compared to the preceding decade.
In fact, a few countries in Asia – India, Vietnam, Indonesia and the Philippines – are expected to see especially strong growth. The South Asia as well as Southeast Asia regions are also set to outperform other regions in terms of trade growth.
“As we look towards the future of trade in Asia, it’s clear how trade growth has proven surprisingly resilient in the face of recent disruptions. With the ongoing diversification of supply chains that continues to reshape the commerce landscape, Asia has steadfastly emerged as a key player in the global market,” said Ken Lee, CEO, Asia Pacific, DHL Express.
Commenting on India’s growing role in global trade, R S Subramanian, SVP South Asia, DHL Express said, the report positions the country as a critical hub connecting the east and west.
“While we anticipate trade volume growth and an increase in global trade share, we remain cautiously optimistic about the future given the global economy’s general volatility,” he said.
The Trade Atlas also found that the centre of gravity of world trade has shifted. The shares of trade conducted by the world’s major geographic regions has changed since 2000, with the most dramatic change observed in Asian economies.
–IANS
na/
