India’s export growth expected to outpace global average

The global growth in goods trade is projected to average 5% until 2030, reaching a total value of $32.6 trillion. During the same period, India’s goods trade is expected to grow at a faster pace of 7.5% annually.

According to a report by Standard Chartered, India’s merchandise export growth is projected to surpass the global average, reaching $773 billion by 2030.

The global growth in goods trade is expected to average 5% until 2030, reaching $32.6 trillion, while India’s annual growth rate during that period will be 7.5%.

Despite the above-average growth, India’s exports are projected to fall short of the government’s target of $1 trillion by 2030. The country aims to achieve $2 trillion in both goods and services exports by 2030.

The higher growth rate is anticipated to increase India’s share in global exports from the current 1.8% to 2.37%.

The report identifies Turkey, Vietnam, and Indonesia as the geographies where India’s exports will experience the highest growth. However, the United States, Mainland China, and the UAE will remain the top destinations for India’s goods exports in terms of volume.

Recent Free Trade Agreements with the UAE and Australia have enhanced India’s competitiveness in manufacturing and export capabilities. The government is also in negotiations for similar agreements with other major economies such as the UK, European Union, and Canada.