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India deemed one of the year's fastest growing box destinations
来源：shippingazette 编辑：编辑部 发布：2023/02/09 14:55:05
INDIA, the fastest growing major economy in the world, is seeing ever greater volumes of large boxships visiting its shores, necessitating the construction of far larger ports, reports Singapore's Splash 247.
The International Monetary Fund forecasts India's GDP to grow 6.8 per cent this year, while exports are accelerating at a rapid clip. The nation managed US$422 billion in exports last year, beating the government's $400 billion target.
The share of machinery and electricals in India's exports overtook the legacy textiles and apparel sectors in 2022 with shares of 9.9 per cent and 9.7 per cent respectively.
"As the global supply chain struggles to place all its bets on China, there is rising confidence that India could become one of the more resilient alternatives to China in the global supply chain," stated a new report from Container xChange, an online box booking platform.
According to International Trade Administration data, the trade between India and the US reached a record level of $119.42 billion in the 2021-2022 fiscal year, which is an increase from $80.51 billion in the previous year. This trade makes up 11.5 per cent of India's total global trade, and as a result, the US has surpassed China to become India's primary trading partner.
New research from S&P Global Market Intelligence suggests India's trade economy is set for rapid growth in 2023, aided by trade activity as the country diversifies its manufacturing base.
Box shipping analysts at Alphaliner note that the biggest tonnage shift in 2022, amid tepid times for the main east-west tradelanes, was to Middle East and India related services, where 320,600 TEU of fleet capacity was added last year.
"Indian ports are now handling an increasing number of 13,000 - 15,000 TEU ships which have been replaced by megamax vessels on the East West trades," Alphaliner noted in its most recent weekly report.
The growing interest in Indian traffic was reflected recently by sister companies Cosco and OOCL launching a Southeast Asia-India-US east coast service in December after closing a China-Vietnam-US east coast loop.
Global liners are retrenching more resources and staff to India. Germany's Hapag-Lloyd, for instance, has just taken an ownership stake in one of India's leading private terminal and inland transport service providers, J M Baxi Ports & Logistics.
"India is uniquely placed naturally to develop into a transshipment hub. With the right investments and focus, the country can be fully equipped to position itself as an important cog in the wheel of the global supply chain," said Christian Roeloffs, CEO of Container xChange.
The International Monetary Fund forecasts India's GDP to grow 6.8 per cent this year, while exports are accelerating at a rapid clip. The nation managed US$422 billion in exports last year, beating the government's $400 billion target.
The share of machinery and electricals in India's exports overtook the legacy textiles and apparel sectors in 2022 with shares of 9.9 per cent and 9.7 per cent respectively.
"As the global supply chain struggles to place all its bets on China, there is rising confidence that India could become one of the more resilient alternatives to China in the global supply chain," stated a new report from Container xChange, an online box booking platform.
According to International Trade Administration data, the trade between India and the US reached a record level of $119.42 billion in the 2021-2022 fiscal year, which is an increase from $80.51 billion in the previous year. This trade makes up 11.5 per cent of India's total global trade, and as a result, the US has surpassed China to become India's primary trading partner.
New research from S&P Global Market Intelligence suggests India's trade economy is set for rapid growth in 2023, aided by trade activity as the country diversifies its manufacturing base.
Box shipping analysts at Alphaliner note that the biggest tonnage shift in 2022, amid tepid times for the main east-west tradelanes, was to Middle East and India related services, where 320,600 TEU of fleet capacity was added last year.
"Indian ports are now handling an increasing number of 13,000 - 15,000 TEU ships which have been replaced by megamax vessels on the East West trades," Alphaliner noted in its most recent weekly report.
The growing interest in Indian traffic was reflected recently by sister companies Cosco and OOCL launching a Southeast Asia-India-US east coast service in December after closing a China-Vietnam-US east coast loop.
Global liners are retrenching more resources and staff to India. Germany's Hapag-Lloyd, for instance, has just taken an ownership stake in one of India's leading private terminal and inland transport service providers, J M Baxi Ports & Logistics.
"India is uniquely placed naturally to develop into a transshipment hub. With the right investments and focus, the country can be fully equipped to position itself as an important cog in the wheel of the global supply chain," said Christian Roeloffs, CEO of Container xChange.