India continues to lead the global ranking for the DHL Global Trade BarometerGrowth driven almost equally by strong air and ocean trade
MUMBAI, INDIA - Media OutReach - 04 July 2018 -India's trade growth looks set to continue exceeding that of the world's largest economies at 79 points despite a slight decrease in the pace of growth, according to data from DHL Global Trade Barometer released by DHL, the world's leading logistics company.
The DHL Global Trade Barometer, an early indicator of global trade developments calculated using Artificial Intelligence and Big Data, shows that India's trade outlook remains optimistic, driven quite equally by strong air and ocean trade, which have an index value of 80 and 79 respectively.
The growth in air trade is driven primarily by air imports in High Technology, Machinery Parts and Industrial Raw Materials, and air exports for Chemicals & Products and Consumer Fashion Goods are expected to also perform well. Ocean trade shows robust growth on both the import and export fronts, with Industrial Raw Materials driving the positive outlook for ocean exports. Basic Raw Materials and High Technology Chemicals & Products are expected 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," said George Lawson, CEO, DHL Global Forwarding India. "One of the factors is the rising standard of living of Indians, especially in the rural areas. For the first time in five years, rural consumption rose by 9.7%, outpacing urban spending and boosting sales for fast-moving consumer goods companies 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 and ocean freight traffic, India remains on a solid growth trajectory, thanks to the sheer momentum of its rising consumer purchasing power."
The Barometer's results also suggest that Asia Pacific is expected to uplift global trade growth in the coming quarter. In addition to India leading the ranks, the overall improvement is driven by optimistic outlooks for South Korea and China, with promising forecasts for Japan in the coming months. Strong growth in ocean freight across Asia Pacific, coupled with steady or rising air freight traffic in the region's leading economies, is testament to the Asian economy's growth especially in the areas of technology.
Developed jointly by DHL and Accenture, the DHL Global Trade Barometer provides a quarterly outlook on future trade, taking into consideration the import and export data of seven large economies: China, South Korea, Germany, India, Japan, the United Kingdom, and the United States. Together, these countries account for 75 percent of world trade, making their aggregated data an effective bellwether for near-term predictions on global trade. The DHL Global Trade Barometer, which assesses commodities that serve as the basis for further industrial production, predicts that global trade will continue to grow in the next three months, despite slight losses in momentum.
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