June 10, 2019
The export growth has been boosted by the “Make in India” that has helped the nation evolve as a high-margin and premium-quality manufacturing destination
Indian exporters today, are expanding their geographical range and product diversification, with a shift towards higher value-added manufacturing and technology-driven items
Cross-border trade has been bolstered through the implementation of new-gen technologies like blockchain and artificial intelligence in India’s logistics sector
India has come up as a leading global supplier of perishable farm products to pharmaceuticals as well as electric, electronic, textile and automotive items
India’s containerised exports reported an increase of 6 per cent during the first quarter of calendar year 2019, as per a report by A.P. Møller – Mærsk A/S, a Danish logistics giant. The export growth was driven by robust performances in reefer (refrigerated cargo), engineering and pharmaceuticals sectors. Exports were driven primarily by the East and West of India, which both contributed double digits to the growth, with commodities including plastic, rubber, textile, vehicles, and vegetables as the key drivers, the report added. The export growth has been boosted by the “Make in India” initiative that has helped the nation evolve as a high-margin and premium-quality manufacturing destination for the global market.
Meanwhile, during the same period, imports fell by 2.2 per cent, owing to changes in regulations related to duties, trade practices and pollution. Import was primarily led by pharmaceuticals, metal, appliances and kitchenware, paper, chemicals and fruit & nuts, mainly from Northern Europe, South Asia, China and Russia. The managing director of Maersk South Asia, Steve Felder, said that Indian exporters today, were expanding their geographical range and product diversification, with a shift towards higher value-added manufacturing and technology-driven items. He added that exports have remained strong even as the Indian rupee appreciated against the dollar, which showed a strong demand for Indian exports.
Cross-border trade has been further bolstered through the implementation of new-gen technologies like blockchain and artificial intelligence in India’s logistics sector. Maersk said that the Indian Government’s efforts to grow international trade was already visible through numerous initiatives over the past year, including the relaxation of cabotage regulations and favourable regulatory environment, emphasized by the grant of infrastructure status to the logistics industry. India has emerged as one of the world’s largest suppliers of perishable farm products to pharmaceutical, electronic and automotive items. Multimodal investments in improving infrastructure and connectivity has also improved from hinterlands.
