A trade report released by AP Moller-Maersk recently has underlined a major turnaround in India’s containerised trade in the first quarter of 2018. This follows somewhat somber sentiments for two years.
“Imports witnessed a 16 per cent increase, while exports was up by 7 per cent. Together, they led India’s trade to a strong start in 2018,” said Steve Felder, Managing Director, Maersk Line (for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives). On the import side, the spurt in dry cargo has been commendable growing by 22 percent in the first quarter as against 2 percent in the corresponding period last year.
On the export side, the major growth drivers as cited in the report are: vehicles made in India and fruits and nuts. “The first quarter has been constructive for export growth. As the effect of policy shifts faded and the inflow of GST refunds began, the market was further buoyed by a weaker rupee. We are bullish on India,” Felder told a newspaper.