Ocean exports have kept Indian trade afloat during these volatile times of global trade slowdown, claimed a DHL report. The DHL Global Trade Barometer said, “India’s pace of growth looks set to be kept afloat by robust ocean exports despite an overall decline amidst international trade slowdown.”
The DHL Global Trade Barometer is a market prediction and estimation tool that utilises artificial intelligence and Big Data analytics from seven nations. The latest analysis revealed that India’s trade growth outlook will be driven primarily by healthy ocean exports of Temperature or Climate Controlled Goods, Chemicals & Products, Consumer Fashion Goods and Basic Raw Materials.
While the report relied on ocean trade, September’s ocean trade index fell nine points to 50 with air trade registering a three-point climb to an index value of 48. India’s overall trade outlook index value of 49 will place the country in negative territory for the first time in six years.
“The decline in India’s trade outlook from previous quarters suggests it is certainly not immune to current global economic headwinds. However, with ocean exports remaining robust for sectors like Consumer Fashion Goods and Basic Raw Materials, it’s a positive sign that export of manufacturing goods such as textiles, fabrics and the like remain stalwart sectors that continue to uphold the country’s economy,” said Niki Frank, CEO, Global Forwarding India.
The analysis also suggests that world trade remains at a crossroads and will further lose momentum over the next two months, albeit at a slower pace compared to the previous quarter.
“Worldwide, trade conflicts continue to smoulder and geopolitical tensions are causing uncertainty. Against this backdrop, global trade continues to develop surprisingly well. Although the DHL Global Trade Barometer has further decreased — with an index value of 47 points — world trade is still closer to staying at its high level,” Tim Scharwath, CEO of DHL Global Forwarding, Freight, said. “This strengthens our conviction that globalisation will go on and that logistics will remain its key enabler in the future.”