India becomes the World's Fifth Largest Exporter and Third Largest Market By 2030?

India may face structural challenges in the near term, but that isn’t stopping it from revving up its export engine.

An HSBC global trade report published in 2014 reported that India could be among the world’s largest exporters by 2030. The country moved from rank 14 to rank 5 on the scale of the world’s biggest exporters.

Part of the growth in exports can be attributed to the weak domestic demand in the country. Over a period of two years, India’s economy has expanded by less than 5 percent. The medium-term state of the economy, however, remains optimistic in terms of growth.

Global car companies are setting up shops in the country. As a result, India is looking at a yearly increase of about 15 percent in the exports of transport equipment. Government policies have been favorable to the textile industry, and thus, its exports could go up by 12 percent each year. These estimations are calculated between the years 2014 and 2030.

What this means for the Asian Economy

India Port Data shows China and India are among the world fastest-growing markets for a variety of products and services. When it comes to exports, these two countries are in the lead.

Asian markets are expected to experience faster export growths between 2014 and 2030. In particular — China, Vietnam, Malaysia, Indonesia, and India are expected to have an annual average growth rate of 8 to 11.

These emerging markets are creating new economic competition for the already developed countries. For instance, Japan only recorded an average economic growth of 6 percent yearly. This country ranked the lowest in a 25-country economic study. By 2030, Japan will fall from the ranks of the biggest world exporters. Korea, however, is set to rise to become one of the five biggest exporters to the U.S.

Trade with the U.S. and EU

The China Customs Data HSBC report also published that China, Vietnam, and India will grow to become the biggest exporters to the United States and European Union. China alone may account for 20 percent of all U.S. imports by 2020.

For China, India, and Vietnam, this means a rise in middle-class income. In turn, the population will grow and create more opportunities for domestic consumption which will contribute to economic growth. Indeed with India being the second-most populous country as of now can outrun China by 2030 creating a vast market for traders from EU and the U.S.

For the US and EU, emerging markets could also provide an opportunity for growth, particularly in the areas of healthcare and energy. By 2030, exporting unconventional oil and gas products to countries that do not have refining capabilities could increase the energy sector of the developed countries by close to 5 percent. With all this in mind, entering and establishing your business in the Indian market is the best way to build your brand for years to come.

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