India’s growth set to lead the global economy, DHL trade data shows
Chennai, 22 January 2018: India’s economy holds the brightest growth prospects amongst the world’s seven largest economies, according to results from the Global Trade Barometer released today by DHL, the world’s leading logistics company.
The firstever DHL Global Trade Barometer, an early indicator of global tradedevelopments calculated using Artificial Intelligence, Big Data and predictiveanalytics, assigned India the highest growth indices of the seven countriesassessed, due to strong and sustained increases in both air and ocean freightin and out of the country. The country’s trade in machinery and high-tech goodscontinues to underpin its growth, while increased imports of industrial rawmaterials point to an extended period of trade development for the nation.
“More thanany of the world’s largest economies, India’s major industries have displayedlevels of resilience and growth that will buoy business confidence in the shortto medium turn,” said George Lawson, Managing Director, DHL Global ForwardingIndia. “India’s economy has built up terrific momentum in recent times: since2008, its GDP has risen every single year to US$2.44 trillion last year, morethan double the levels of a decade ago. As the countrycontinues to invest heavily in infrastructure, we expect it tocontinue its upward trajectory for the foreseeable future.”
Accordingto the DHL Global Trade Barometer, businesses in India can expect ocean tradeto further improve on already-high levels, largely thanks to demand forcommodities and industrial materials from overseas. Air freight demand isprojected to remain stable at its current highs, sustained by growth inmachinery and technology imports. Both India’s air and ocean freight forecastsproved stronger than those of any other country in the Global Trade Barometer –in large part due to every major sector making a positive contribution to thecountry’s trade.
“We’reexpecting strong performance in not just one or two sectors, but across theentire Indian economy,” said George Lawson. “That implies two things: Indianenterprises of all stripes are not only growing fast, but becoming more andmore globally connected in how they do business.” He added that dynamicplanning will become even more important. “Given this steep growth, it iscritical that Indian exporters and importers alike partner with professionallogistics providers to ensure their air and ocean demand is met with the rightsupply of capacity.”
Developedjointly by DHL and Accenture, the DHL Global Trade Barometer provides aquarterly outlook on future trade, taking into consideration the import andexport data of seven large economies: China, South Korea, Germany, India,Japan, the United Kingdom, and the United States. Together, these countriesaccount for 75 percent of world trade, making their aggregated data aneffective bellwether for near-term predictions on global trade. The DHLGlobal Trade Barometer, which assesses commodities that serve as the basis forfurther industrial production, predicts that global trade will continue to growin the next three months, despite slight losses in momentum.