SEOUL, SOUTH KOREA, Apr. 13 (Korea Bizwire) - The Asia Pacific region’s booming economy looks set to power global trade growth in the coming quarter, according to data from the DHL Global Trade Barometer released by DHL, the world’s leading logistics company. The DHL Global Trade Barometer, an early indicator of global trade developments calculated using Artificial Intelligence and Big Data, predicts an overall positive outlook for all four of Asia’s largest economies.
The Barometer’s results suggest that South Korea and Japan are on track for significant acceleration in trade growth, even as India and China maintain some of the highest growth rates amongst the world’s largest economies. Strong growth in ocean freight across Asia Pacific, coupled with steady or rising air freight traffic in the region’s bellwether economies, appear to be driven largely by rising trade in industrial raw materials, capital equipment, and machinery — potentially foreshadowing an extended period of development for Asian infrastructure, manufacturing, and domestic consumption.
“Asia’s economies are clambering towards new levels of growth not seen in recent times,” said Kelvin Leung, CEO, DHL Global Forwarding Asia Pacific. “The DHL Global Trade Barometer’s latest findings highlight that Asia’s trade fundamentals — and indeed those of its biggest trade partners — remain robust enough to warrant optimism in the near-term, particularly those industries directly involved with manufacturing and production for the region’s burgeoning consumer base.”
South Korea is expected to experience a spike in ocean freight volumes, driven by strong chemical exports along with imports of both basic and industrial raw materials. Despite growth in air freight volumes tapering slightly, the country’s overall trade outlook remains highly positive due to consistent performance across all key industrial sectors. “The Barometer’s results suggest South Korea’s economy is diversifying from its stronghold in technology manufacturing and into other sectors like fashion and related consumer goods,” SP Song, Managing Director, DHL Global Forwarding Korea. “Since 2010, exports of Korean fashion brands have increased by 4.4% due to the rise of online shopping and the popularity of Korean pop culture, helping the Korean economy go from strength to strength even as its core industries of technology and chemical manufacturing experience protracted highs in global demand.”
“Overall, the Global Trade Barometer’s latest results reveal that economic growth and connectivity have maintained a strong upward trajectory despite any global uncertainty around free trade,” added Leung. “It also emphasizes just how interconnected Asia’s economies are to the rest of the world. For the region’s growth to continue, its logistics and freight infrastructure must not only provide reliability under all conditions, but also cater to an increasingly diverse range of industries with fluctuating levels of growth.”
Developed jointly by DHL and Accenture, the DHL Global Trade Barometer provides a quarterly outlook on future trade, taking into consideration the import and export data of seven large economies: China, South Korea, Germany, India, Japan, the United Kingdom, and the United States. Together, these countries account for 75 percent of world trade, making their aggregated data an effective bellwether for near-term predictions on global trade. The DHL Global Trade Barometer, which assesses commodities that serve as the basis for further industrial production, predicts that global trade will continue to grow in the next three months, despite slight losses in momentum.
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Source: DHL via Media OutReach