India’s trade to sniff at $1 tn by 2025: HSBC

The country will clock the highest growth in trade and will sniff at USD 1 trillion by 2025,HSBC said.

The country will clock the highest growth in trade and will sniff at USD 1 trillion by 2025,around three times its size today,says a report by the British lender HSBC.

The report expects the trade,both merchandise exports and imports to grow by 156 percent during the period,while the global trade will be growing at 73 percent in the next 15 years with an annual growth of 2 percent until 2015,the bank said in its report titled HSBC Trade Connections.

“India’s trade will grow 156 percent by 2025 with its trade volumes reaching USD 976.7 billion and will be amongst the top five international powerhouses that will drive world trade growth until 2025,” HSBC India head for trade and supply chain Bhriguraj Singh said releasing the report here today.

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In 2010,the country’s merchandise trade stood at USD 339 billion and accounted for just 1.2 percent of world trade.

However,despite this huge jump in trade,the report says,the country’s share in world trade will be just 2 percent by 2025.

“Trade with the UAE and China is expected to grow by 190 percent and 165 percent respectively,making the UAE,thecountry’s largest trading partner by 2025,” says the report.

The UAE is forecast to be the country’s largest trading partner with trade values estimated at USD 103.6 billion,overtaking China which was the largest trade partner in 2010.

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The report also points out that trade with the Middle East corridor,China,and a few Latin American countries is expected to be higher than the traditional large trading partners–the US and Europe,opening several new options and opportunities for exporters and importers.

The survey was conducted from July 22 to September 27 across 6300 companies spanning 36 countries. In India,the survey contacted 308 mid and small companies with a revenue of under Rs 200 crore.

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