Propelling India's Growth Through Trade
Business Today India|February 18, 2024
Trade concentrations exist everywhere, and they are a source of both strength and worry. India's business and policy leaders can find effective strategies that reimagine, rather than retreat, from them
GAUTAM KUMRA
Propelling India's Growth Through Trade

WE ALL RELY ON global trade. And despite the many disruptions to the global trading system over the past few years—by conflict, climate change, the Covid-19 pandemic and lockdowns—countries are still remarkably interconnected. Recent research from the McKinsey Global Institute (MGI) shows that every region in the world relies on imports for more than 25% of at least one important type of good.

Self-sufficiency is a mirage, and it ignores the benefits that this interconnectedness brings: improving efficiency, increasing global product availability, and fostering economic growth. India is no different. In fact, the country’s trade interconnectedness should be seen as a strength powering its growth in the next few years.

These benefits come not just from trade connections but also from trade concentrations. We estimate that about 40% of global trade by value is concentrated. By this, we mean that importing economies rely on three or fewer nations for this share of global trade. Furthermore, 25% of this is concentrated at a global level. This means that for some products, such as laptops, soybean, or iron ore, there are only a few countries that export nearly all of them.

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