It Is Expected That The Cargo Volume Of Indian Ports Will Increase With Economic Growth
India is the fastest-growing major economy in the world, with more and more large container ships on its coast, so it needs to build larger ports.
The International Monetary Fund (IMF) predicts that India's GDP will grow by 6.8% this year, while exports are growing rapidly. Last year, the country achieved US $422 billion in exports, exceeding the government's US $400 billion target. In 2022, the share of mechanical and electrical products in India's exports exceeded 9.9% and 9.7% of the traditional textile and clothing industries respectively.
A new report released by the online ticketing platform Container xChange said: "As the global supply chain tries to bet all bets on China, people increasingly believe that India may become one of the more resilient alternatives to China in the global supply chain.".
According to the data of the International Trade Administration, the trade volume between India and the United States reached a record $119.42 billion in the fiscal year 2021-2022, up from $80.51 billion in the previous year. This trade accounts for 11.5% of India's total global trade. Therefore, the United States has surpassed China as India's main trading partner.
The latest research of S&P Global Market Intelligence shows that with the diversification of India's manufacturing base, India's trade economy will achieve rapid growth in 2023.
S&P Global market intelligence pointed out that "the active use of trade policy measures under the 'Made in India' plan has been supported by intra-market, market manufacturing strategy and the benefits of re-export from China.".
The Box shipping analyst of Alphaliner pointed out that in 2022, when the main east-west trade routes were not warm, the largest tonnage transfer was related to services in the Middle East and India, and the fleet capacity of 320600 TEUs was increased last year.
Alphaliner pointed out in its latest weekly report: "Indian ports are currently handling more and more 13000 to 15000 teu ships, which have been replaced by megamax ships in the East-West trade.".
Recently, sister companies COSCO Group (COSCO) and OOCL (OOCL) launched the Southeast Asia-India-US East Coast Service in December after closing the China-Vietnam-American East Coast Ring Road, which reflects the growing interest in Indian transportation.
Global liner companies are cutting more resources and staff to India. For example, Germany's Hapag Lloyd has just acquired the ownership of J M Baxi Ports&Logistics, one of India's leading private terminals and inland transport service providers.
With the increase of the number of boxes, the box terminals in the whole Asian continent are also developing. For example, Splash reported earlier this week on the plan to develop a US $5 billion container transshipment terminal in the Bay of Bengal.
Christian Roeloff, CEO of Container xChange, said: "India is born with a unique position to develop into a transhipment center. With proper investment and attention, India can position itself as an important gear in the global supply chain.".