Trade between Far East and these economies has grown 16% Y-o-Y in the first quarter of this year. The trade has grown 30% over 2019 but declined later due to the pandemic. In 2023, container trade grew by just 0.6% over 2022, while the growth was 8% in the first four months of this year.
Trade growth on the Far East-Middle East/Indian Subcontinent has been driven by firm economic growth in the region as well as increased investment in manufacturing facilities in India as US companies look to relocate manufacturing processes amid a focus on ‘friendshoring.’
