Subramanian calls for a strong supply chain network to access the ecosystem
India’s trade volume growth rate is forecast to double to 6% from 3% between 2021 and 2026, boosting its speed rank from 72nd to 34th and its scale rank from 11th to 5th, says an industry report on 26 Sept 2022.
India, Vietnam and the Philippines all stand to benefit from efforts by many companies to diversify China-centric production and sourcing strategies, said the report by DHL and NYU Stern School of Business of New York.
The report published the new DHL Trade Growth Atlas, which maps the most important trends and prospects of global trade in goods, covering 173 countries.
“It is fantastic to see emerging economies racing ahead in global trade. South Asia is expected to rapidly increase its share of global trade, with India doubling its trade volume growth rate in the next five years,” said R.S Subramanian, SVP South Asia, DHL Express.
“Given the growing number of MSMEs in the region, it is only natural to enter this market and establish a strong supply chain network to access the ecosystem.
“We know that global trade growth impacts economic growth rates and enables countries to reduce inflation, as they gain access to key inputs such as industrial goods and raw materials through multiple trade routes.
“According to the data we have gathered, the shift in trading patterns will result in higher quality goods produced versus the quantity of goods produced by emerging markets in the future,” he said. fiinews.com
