"Growth in the volume of global trade in 2016 is estimated at 2.8% largely unchanged from what it was in 2015," said the report.
Containerised foreign trade in India witnessed 11% increase during the first half of 2016, primarily due to strong US economy and improvement in European market, a report by shipping giant Maersk said.
"Growth in the volume of global trade in 2016 is estimated at 2.8% largely unchanged from what it was in 2015," said the report.
Jawaharlal Nehru Port Trust (JNPT), the biggest container handling port in India, which takes care of around 55% of the total containerised cargo in the country, witnessed rise in operations.
In June, JNPT handled 4.49 million TEUs (twenty foot equivalent units) of container traffic during the financial year 2015-16, which is a growth of 0.56% over the previous year. Moreover, in April 2016 Jawaharlal Nehru Port Container Terminal handled container traffic of 133,208 TEUs, which is highest ever since inception of the port of in May 1989. The port authorities project 10 million TEUs per annum business by 2022-23.
The Maersk's report states that India continues to be one of the bright spots in the global Export-Import (EXIM) of containerised trade. As per the International Monetary Fund (IMF), the country remains the fastest growing economy in the world.
"Traditionally, Europe and North America have been India's largest trading partners and account for over a third of the containerised trade, so when they do well India benefits," said Franck Dedenis, managing director, India, Sri Lanka & Bangladesh Cluster, Maersk Line.
This year so far, among the top countries for exports were the US, UK, Germany, Saudi Arabia, Turkey and Kenya. Additionally, among the top commodities for export (by growth volumes) were vegetables (56%), fruit and nuts (42%), grapes (180%) and other fruits, Indian garments (13%).
Automobile exports rose 9% despite a fall in demand from Nigeria. "Nevertheless, it must be noted that Algeria and Tunisia witnessed an increase in demand and that Egypt, Turkey and a few South American markets remain major countries for exports," said the report.
For the last two years, the Mumbai Port Trust (MbPT) has been recording a steep increase in handling of automobile units. MbPT handled 94,959 units in 2014-13, that increased further to 1,39,812 units in 2014-15. While in 2015-16, that is up to February it rose 18% to 1,53,647 units, which is the highest for MbPT.
China US, Germany South Korea and Saudi Arabia have been the top imports partners. Over 30% of the imports came in from China, which primarily consisted of electronics. Fruits and nuts registered a growth of 87% due to cashews coming from Africa and apples from North America and China among others.
"We expect Indian growth to be driven by the emergence of new destination markets, a strong US demand and a recovery in Europe. Taking all these factors into consideration, we can expect Indian trade to clock 8-9% growth for the full year of 2016, which will be four times the growth of global trade," said Dedenis.
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