Shiprocket X published its survey report titled ‘The State of Cross-Border Trade’. The survey revealed global insights, along with how India is ranked 9th in global cross-border growth. As per the survey, India’s total merchandise exports continue to cross the $100 billion mark, for the second consecutive quarter in a row, amounting to $105.8 billion, during Q3 of 2021-22.
Simplified cross-border trade has been a priority for the Indian government as it represents 20% of global e-commerce and is a key determinant of the level of ease of doing business in the country. The government of India has provided the necessary impetus for the growth of the Indian export sector, which has powered a total export revenue of $417 billion in FY22. 15 additional clusters pan-India clocked a surge in merchandise exports, with Gujarat contributing the highest to India’s overall exports, followed by Rajasthan and Delhi.
“Indian MSMEs are the powerhouse of the country with a significant contribution to our GDP. We have witnessed the potential of Indian MSMEs in driving cross-border trade, and hence, at the core of Shiprocket lies the passion to empower the merchants of BHARAT,” Akshay Ghulati, co-founder, strategy and global expansion, Shiprocket said.
MSME exports are playing a role in powering 40% of India’s overall exports, contributing to approximately 6.22% of the country’s GDP. The transformational changes in consumer buying behaviours have also played a role in the growing opportunity in the global e-commerce trade. With around 63.4% million units spread across the geographical expanse of India. As per a study report paper in FISME, e-commerce export potential is in the range of $200 to $300 billion by 2030.
Some key factors for growth include the post-pandemic push that made retailers shift from brick-and-mortar establishments and embrace e-commerce both locally and globally. Other catalysts included the active participation of consumers in shopping with global retailers.