According to the Maersk Line, the world’s largest container shipping company, the cumulative trade of the 5-nation bloc BRICS (Brazil, Russia, India, China and South Africa) with the world has grown by 5.8 percent and India is the leading the bloc.

It said, “BRICS export-import (exim) containerized trade with the world registered a growth of 5.8 percent in the first half of 2016 as against de-growth of 2.2 percent in the same period last year.”

It added that the growth of BRICS is led by India and followed by China. It has also forecast that it will gain pace next year as Brazil and Russia are expected to emerge from the recession, contributing to higher GDP expansion.

In a press release the company said, “China is expected to grow more than 6 percent in 2017, India at 8 percent, Brazil at more than 0.5 pr cent and Russia at above 1 percent.”

Managing Director, India, Sri Lanka & Bangladesh Cluster, Maersk Line, Frank Dedenis said, “India’s exim trade with BRICS nations has been consistently growing at 4 percent since 2012.”

He said, “We are also noticing some interesting trends that are beginning to emerge of late. Rise of India, Thailand and Vietnam as alternative sourcing markets to China can put some pressure on China in future.”

The BRICS nations are meeting in Goa for the summit this weekend to discuss improving collaboration and increasing trade.

By Prajakt K