India’s Trade Ties Poised for Expansion, Says DHL Report
The DHL Global Connectedness Report 2024, co-authored by New York University’s Stern School of Business, paints a bullish picture for India’s trade ties. The report highlights several key points:
- Surpassing China: India’s exports as a percentage of GDP (Gross Domestic Product) have eclipsed China’s since 2021. This indicates a growing role for international trade in the Indian economy.
- Strength in Services: The report also emphasizes India’s strong performance in services trade, both in exports and imports. This signifies India’s growing importance in sectors like IT and financial services.
- Deeper Integration Potential: Experts believe India has immense potential for deeper global integration. Its booming domestic economy presents an opportunity for increased international collaboration and trade expansion.
While most economic activity happens domestically in large economies like India, the report emphasizes the rising significance of international trade. R.S Subramanian, Senior Vice President for South Asia at DHL Express, is quoted as saying, “We foresee immense potential for deeper global integration for India, and in fact, our domestic economic boom is an opportunity for even greater international collaboration. India’s trade ties are poised for significant expansion.”
The report’s overall outlook on globalization is positive as well. Despite global tensions, the DHL Global Connectedness Report finds that globalization is thriving, with trade growth forecast to accelerate in 2024 after a slowdown in 2023. This positive global trade environment is expected to further propel India’s trade ties.