Source:- IBEF
“According to the latest Chartered Trade Opportunity Survey, global enterprises are able to increase exports to India by over $21 billion annually.
The report, which included 10 of India’s main trading partners, also found that an estimated $17 billion in Indian exporters could raise exports to these markets, taking the total bilateral trade potential to $38 billion.
The study highlights markets and sectors with new prospects for trade to develop as economies and companies look to rebound from the effects of COVID-19. The biggest opportunity for businesses in the United States, Malaysia, Indonesia, Singapore and the United Kingdom to increase their exports to India is open.
The United States, India’s largest trading partner and market with the greatest potential to improve trade, could raise its exports to the financial services industry by $5.7 billion annually.
For exporters through Indonesia, Malaysia, Singapore, Thailand and Vietnam, the ASEAN region has a total opportunity of $10.7 billion.
With a combined annual opportunity to grow trade between India and the ASEAN markets by 3.2 billion dollars, the electrical machinery sector stands out.
The focus in South Korea is on the $288 million opportunity to boost automotive exports.
Meanwhile, the United Kingdom, France and Germany were able to increase their exports to India by a combined $3.2 billion, with a total export opportunity in the organic chemicals sector of $413 million across three markets.
Mr. Gaurav Bhatnagar, Managing Director and Head of Trade for India and south Asia at Standard Chartered Bank, said businesses in India and across the world have faced unprecedented challenges over the last few months. “”Looking ahead, they need to look for new growth avenues and build more resilience.””
Analysis compares real export values with potential export values to discover medium-term prospects, measured by an economic model, looking at the post-Covid-19 world as economies begin to reopen.
The scope includes high-potential exports defined as products or services where, within the boundaries of their home market, enterprises have added value.”