India set to be fastest growing trade market in the world: HSBC Global Trade Forecast
As per the report, India and China will be joined by emerging trading nations like Vietnam, Indonesia, Egypt, Turkey, Mexico and Poland to record significant trade growth in the next three years.
South-South trade continues to show up as a trend.
Brazil's fastest growing trade partners are India, Vietnam and China and Mexico's imports from India and China will grow 13.9 percent and 13.4 percent respectively between 2016 and 2020, the HSBC report said.
Indonesian exports, led by commodities, to Asia (ex-Japan) are expected to grow at around 10 percent annually during 2021-30, with shipments to India and China leading the growth during 2013-15.
Singapore's exports to Asia (ex-Japan) are forecast to rise by 7 per cent on average during 2021-30, again led by China, India and Vietnam.
Bangladesh is forecast to develop its role linking the new emerging Asia, driven by trade growth with India throughout the period. Its trade is expected to jump 19 percent during 2013-15 and 14 percent during 2016-20, the report said.
Another major trading power will be Malaysia, which is set to see 9 per cent spike in its exports to Latin America during 2016-20, with its exports to Brazil alone growing at 14 percent annually during this period.
Vietnamese exports are expected to clip at double-digits annually throughout the forecast period of 2012-30.
The report said China will
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