BRICS increased container trade 5.8 percentStaff Writer | October 14, 2016
The five-member BRICS bloc saw a 5.8 percent growth in containerised trade with the world in the first half of 2016 on the back of a strong India, says Maersk Line.
Shipping This growth for BRICS was led by India
This growth for BRICS was "led by India followed by China and is forecast to gain pace next year as Brazil and Russia are expected to emerge from recession, contributing to higher GDP expansion".
Volumes should improve as GDP for BRICS is expected to increase to 5.7 percent in 2017, an improvement over the previous forecast of 5.3 percent.
"China is expected to grow more than 6 percent in 2017, India at 8 percent, Brazil at more than 0.5 percent and Russia at above 1 percent."
While 2016 did not start positively for the world, India paced up in the first half of this year. This growth was on the back of a strong US economy and recovery in the European market.
"That said, it is worth mentioning that trade among BRICS countries continues to grow although China remains BRICS’ as well as India’s largest trading partner responsible for 82 percent of Indian containerised trade." ■