Vietnam, Bangladesh surpass India in low-cost manufacturing: WB
India's global trade share has not kept pace with its economic growth, with Vietnam and Bangladesh overtaking the nation as low-cost manufacturing and export hubs, according to the World Bank's recent report.
A garment workshop in Vietnam. Photo courtesy of VietNamNet.
The WB report released on Tuesday highlights that the proportion of trade in goods and services as a percentage of India's GDP declined over the past decade, despite the country's rapid economic growth.
Accordingly, India's share in global exports of textiles, leather, and footwear increased from 0.9% in 2002 to a peak of 4.5% in 2013 but then fell to 3.5% in 2022. Vietnam's and Bangladesh’s share in these sectors reached 5.9% and 5.1% in 2022, respectively.
The bank recommended that India reduce trade costs, lower trade barriers, and deepen trade integration to remain competitive.
The WB expects the Indian economy to continue its rapid growth at a rate of 7% in the current fiscal year, ending in March 2025, following a growth rate of over 8% in the previous year.
The multilateral lender also forecasts India's growth to average 6.7% for the 2025-2026 and 2026-2027 fiscal years.
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