India is forecast to contribute 6% of world trade growth in the next five years, placing it at number three in the world, behind only the US and China, as per a new report released on Thursday.
India will continue to rank third in the volume of overall trade during this time while moving up 15 places in the speed of trade growth. Its compound annual volume growth rate of trade is projected to rise from 5.2% to 7.2%, according to the 'DHL Trade Atlas 2025' report.
"India will be contributing 6% to the growth of world trade after China at 12% and the United States at 10%," the report adds.
This report was published jointly by DHL and the New York University Stern School of Business and offers a comprehensive summary of major trends influencing global trade.
Asia's trade prospects are also upbeat, consistent with the global trade outlook, which is forecasting quicker growth over the next five years than in the last decade.
A number of Asian nations, such as India, Vietnam, Indonesia, and the Philippines, are likely to see especially strong growth. South and Southeast Asia are likely to lead other regions in terms of trade growth.
"With the future of Asian trade in focus, it's clear that the growth of trade has been quite resilient in spite of recent upsets. In the face of continued supply chain diversification remodeling global trade, Asia has emerged as a key driver in the global market," stated Ken Lee, CEO, Asia Pacific, DHL Express.
Talking of India's growing clout in international trade, R.S. Subramanian, SVP South Asia, DHL Express, said that the report brings forward India as a strategic hub connecting the east and the west.
"Whilst we anticipate sustained growth in trade volumes and a rising proportion of world trade, we are cautiously optimistic about the future considering the nature of volatility in the global economy," he further added.
The Trade Atlas also shows that there is a change in the world trade scene, with the balance of trade between the world's largest regions changing since 2000, most significantly with the sudden growth of Asian economies.
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