Maersk Line said that the growth of EXIM container trade of India in the current year is likely to be in two digits.
The export-import container trade volume of India grew by 10% for the full year 2016, which was double of 2015, that too amid weak global trade.
In 2017, the growth is likely to be in two digits provided that India maintains its growth in markets like the Middle East, Latin America and East Africa, enhancing its client portfolio and diversifying the risks, said Maersk in its 2016 Annual India Trade Report.
Maersk Line believes, that with the right policy initiatives India can continue to grow and improve its position in the global trade, delivering double-digit growth in 2017.
“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,” The Hindu quoted Franck Dedenis, Managing Director — India, Sri Lanka & Bangladesh Cluster, Maersk Lines as saying.
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.
While Dry Cargo has dominated the Indian exports, refrigerated cargo which had dipped by 4% in 2015 grew strongly at 19% in 2016. Growth in this segment was due to a strong harvest season for vegetables and fruits in India last year. Export of Vegetables had fallen by 21% due to untimely rains in 2015 but then it bounced back in 2016 with a record growth of 80%.