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Exports from India and Vietnam are expected to relatively do well in 2016 as their shipments are largely directed to advanced economies in Europe and North America that are expected to expand in the coming year, a United Nations report has said.
The Asia-Pacific region, which includes India, China, Japan, Russia, and the ASEAN nations, among others, will hold its position as the largest trading region in the world despite the lowering of trade growth prospects due to global slowdown, the Asia-Pacific Trade and Investment Report 2015 brought out by UN ESCAP on Monday, pointed out.
Countries, heavily dependent on China for their exports, however, will not do well, due to the slowdown in the country’s economy, the report added.
Lauding the relatively strong performance of the Indian economy, the report pointed out that it was unlikely to compensate for sluggish performances elsewhere as India’s market remains only “weakly and selectively’’ integrated with the Asia-Pacific region overall.
“The report emphasises that countries need to adjust to both cyclical and structural changes, especially in light of the global slowdown and an expected reduction in China’s growth rate,” an official release said.
Total exports and imports from the region, which also includes South Korea, Australia, New Zealand, Kazakhstan, Turkey and Mongolia, grew by only 1.6 per cent in 2014. However, when excluding China from the regional total, exports from the Asia-Pacific region registered a decline of 0.4 per cent.
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