Maersk: India Sees ?Spirited Uptick? in Containerized Trade
A.P. Moller-Maersk has released it's latest trade report on India, noting that India’s containerized trade with the world has enjoyed a “spirited uptick” in the first quarter of 2018.
The report states that imports grew by 16 percent and exports seven percent. “These numbers become more relevant when viewed through a global lens,” says Steve Felder, Maersk Line Managing Director for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives. “They are significantly higher than estimated global containerized demand growth of three to four percent.”
The key contributor to import growth during the period was dry cargo, which jumped 22 percent compared to just two percent over the same time last year. Recyclables, namely paper and metal, accounted for much of the growth, increasing 61 percent and 55 percent respectively. Much of the recycled material came from North America and Europe.
Exports increased with demand for Indian made vehicles in Turkey and Indian fruit and nuts in the U.K. and UAE.
India’s overall reefer trade growth slowed for both exports and imports. However, a strong increase was registered in the export of pharmaceuticals to North America and grapes to North Europe.
The tense trade relations between China and U.S. means that India as well as other emerging countries are expected to see strong inflows of select commodities, says Felder. “Commodities have to find markets, and as India’s domestic consumption continues to rise, we can expect to see many of them find takers here. Also, the increasing aspiration of India’s populace will sustain this trend over the months to come, assuming there are no significant policy changes.”