- Indiacontinues to lead the global ranking for the DHL Global Trade Barometer
- Growthdriven almost equally by strong air and ocean trade
MUMBAI, INDIA- Media OutReach - 04 July 2018 - India's trade growth looksset to continue exceeding that of the world's largest economies at 79 points despitea slight decrease in the pace of growth, according to data from DHL Global Trade Barometer released by DHL, theworld's leading logisticscompany.
The DHL Global TradeBarometer, an earlyindicator of global trade developments calculated using Artificial Intelligenceand Big Data, shows that India's trade outlook remains optimistic, driven quiteequally by strong air and ocean trade, which have an index value of 80 and 79respectively.
The growth in air trade is driven primarily by air imports in HighTechnology, Machinery Parts and Industrial Raw Materials, and air exports forChemicals & Products and Consumer Fashion Goods are expected to alsoperform well. Ocean trade shows robust growth on both the import and exportfronts, with Industrial Raw Materials driving the positive outlook for oceanexports. Basic Raw Materials and High Technology Chemicals & Products areexpected to drive the import demand.
"India's gross domestic product accelerated to 7.7% early this year,ahead of the 7.2% achieved in the previous quarter,[1]"said George Lawson, CEO, DHL Global Forwarding India. "One of the factors isthe rising standard of living of Indians, especially in the rural areas. Forthe first time in five years, rural consumption rose by 9.7%, outpacing urbanspending and boosting sales for fast-moving consumer goods companies[2]and further establishing India as one of the world's fastest-growing economies.There's no doubt that despite some slight decreases this quarter in air andocean freight traffic, India remains on a solid growth trajectory, thanks tothe sheer momentum of its rising consumer purchasing power."
The Barometer's results also suggest that Asia Pacific is expected touplift global trade growth in the coming quarter. In addition to India leadingthe ranks, the overall improvement is driven by optimistic outlooks for SouthKorea and China, with promising forecasts for Japan in the coming months.Strong growth in ocean freight across Asia Pacific, coupled with steady orrising air freight traffic in the region's leading economies, is testament tothe Asian economy's growth especially in the areas of technology.
Developed jointly by DHL andAccenture, the DHL Global Trade Barometerprovides a quarterly outlook on future trade, taking into consideration theimport and export data of seven large economies: China, South Korea, Germany,India, Japan, the United Kingdom, and the United States. Together, thesecountries account for 75 percent of world trade, making their aggregated dataan effective bellwether for near-term predictions on global trade. The DHL GlobalTrade Barometer, which assesses commodities that serve as the basis for furtherindustrial production, predicts that global trade will continue to grow in thenext three months, despite slight losses in momentum.
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