| Date: |
31-05-2023
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| Subject: |
India’s 2030 goods exports seen $773 billion, imports from China $212 billion: Standard Chartered
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India’s exports of goods could reach $773 billion by 2030, registering annual growth rate of 7.5%, with exports to Turkiye, Vietnam and Indonesia expected to be among the highest-growing export destinations, Standard Chartered said in a report on Wednesday.
It estimates imports from China at $212 billion in 2030, growing 8% CAGR and exports $49 billion.
Exports of goods to the US, Mainland China and the UAE will be the highest by volume, according to the report.
The value of exports of goods from India was $401 billion in 2021. It estimates the share of metals and minerals in India’s exports in 2030 at 31% and of textile and apparel at 15%.
“India will be a key driver of this global trade growth, with its exports of goods projected to grow at an average annual rate of 7.5% (outpacing the global average of 5%) to reach $773 billion by 2030 from $401 billion in 2021,” Standard Chartered said in a report titled ‘Future of Trade: New opportunities in high-growth corridors’.
As per the report, global trade is set to reach $32.6 trillion with a growth rate of 5% by 2030. Trade corridors anchored in Asia, Africa and the Middle East will outpace global trade growth rate up to four percentage points, driving combined trade volume in these regions to $14.4 trillion and to account for 44% of global trade by 2030.
“India’s FTAs with the UAE and Australia have recently come into force – further increasing India’s competitiveness as a manufacturing and export powerhouse,” it said.
Source:- economictimes.indiatimes.com