New report highlights opportunities between India and 10 markets as possible routes to post COVID-19 growth
Businesses could increase exports to India by more than USD21 billion annually, the Standard Chartered Trade Opportunity Report has revealed. The study, which included 10 of India’s key trading partners, also found that Indian exporters could boost exports to these 10 markets by an estimated USD17 billion, bringing the total bilateral trade opportunity to USD38 billion.
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As economies and businesses look to recover from the impact of COVID-19, the study highlights the markets and sectors with new opportunities to grow trade.
Businesses in the US, Malaysia, Indonesia, Singapore and the UK have the greatest opportunity to increase their exports to India. The US – India’s largest trading partner and the market with the largest opportunity to boost trade – could increase exports by USD5.7 billion annually, with the financial services sector offering the most significant potential for growth.
The ASEAN region has a combined opportunity of USD10.7 billion for exporters across Indonesia, Malaysia, Singapore, Thailand and Vietnam. The electrical machinery sector stands out, with a combined annual opportunity to grow trade between India and the ASEAN markets by USD3.2bn.
In South Korea, the spotlight is on the USD288 million opportunity to increase automotive exports. Meanwhile, the UK, France and Germany could increase exports to India by a combined USD3.2 billion, with a USD413 million total export opportunity in the organic chemicals sector across the three markets.
Simon Cooper, CEO, Corporate, Commercial and Institutional Banking, Standard Chartered, said: “Following a period of unprecedented challenges, global trade will be crucial to the recovery of businesses and economies. The Standard Chartered Trade Opportunity Report provides exporters in 10 markets with information on sector opportunities to boost their business ties with India by a significant USD21 billion annually. Equally, exporters in India will find opportunities to increase trade by around USD17 billion across a spectrum of sectors. By highlighting these untapped opportunities for growth, we hope to facilitate the global economic recovery and help our clients build more resilient businesses.”
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