New Delhi: India's EXIM container trade growth in 2017 is expected to be in double digits, the world’s largest container shipping company Maersk Line said today.
"Growth in 2017 is expected to be in double digits provided India keeps growing into markets such as the Middle East, East Africa and Latin America, expanding its customer portfolio and diversifying risks," Maersk Line said in its Annual India Trade Report 2016.
According to the World Bank’s Global Economic Prospects report, global trade growth in 2016 was the weakest since the 2009 global financial crisis.
"Despite that, India performed well and consolidated its position with the global containerised trade. The EXIM container trade volume grew by 10 per cent for the full year 2016, which was double of 2015. Trade growth was also more balanced across both exports and imports as against 2015, where import volumes grew four times faster than exports," it said in a statement.
Although, the demonetisation exercise, that happened in November 2016, was expected to cause disruption in the EXIM trade, the impact was limited to the exports of select commodities especially the ones that rely on cash for trading, it said.
"India’s EXIM trade growth was due to strong surge in exports and a consistent increase in imports owing to a series of economic reforms undertaken by the government, increase in domestic demand and improved performance by key sectors such as textiles, agriculture, pharmaceuticals, and automobiles," says Franck Dedenis, Managing Director India, Sri Lanka & Bangladesh Cluster, Maersk Line.
While exports to the US and the UK remained consistent, it was the increase in demand for Indian products from countries such as Saudi Arabia and Kenya that contributed to the overall export growth of 11 per cent.
Imports saw a 10 per cent growth overall, it said adding although China remains the largest trading partner clocking 19 per cent year-on-year growth in 2016, it was volumes from South Korea that registered the highest growth in imports at 41 per cent. The findings of the study are based on the economic indicators gathered by Maersk Line, the company said.
