According to a survey released on Wednesday by Standard Chartered, India’s exports of goods might reach $773 billion by 2030, rising at a 7.5% annual pace. Exports to Turkey, Vietnam, and Indonesia are anticipated to have the fastest export growth.
It projects that exports will be $49 billion and imports from China would be $212 billion in 2030, rising 8% CAGR.
In 2021, India’s exports of goods were worth $401 billion. According to the report, textile and apparel would make up 15% of India’s exports in 2030, while metals and minerals will account for 31%.
In a report titled “Future of Trade: New Opportunities in High-Growth Corridors,” Standard Chartered stated that “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.”
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.
