TTB Analytics 'points'|
India exported No. 5
TTB Analytics' India is the country with the highest economic growth rate in the top 10 large economy, with an average growth rate of 6.1% per year in the year 2023.
Mr.Naris Stapoldecha, Executive, ttb analytics revealed that India is the country with the highest economic growth rate in the top 10 large economic countries with an average growth rate of 6.1% per year in the year 2023-2018. Comes from the population structure in the labor age that is in an extension of more than 180 million people, resulting in the upper Middle-income household proportion increased to 51% of the total number of households. As a result, India is an export market that should be watched, especially in 2023. The Indian market has the opportunity to move into the 5th Thai export market with export value of 4.2 billion baht. India is one of the countries with economic growth. High According to the estimates of the International Monetary Fund (IMF), the Indian economy will expand 5.9% in 2023, which is a continuous expansion from 2022 for the next phase on the potential of the economy that is likely to grow well. That the Indian economy will be able to maintain an average growth of 6.1% during the year 2023-2018, supporting with the growth of the purchasing power in the country at the acceleration Causing India to start importing many products to meet the increased demand according to the purchasing power As a result, India moved from being the 10th Thai export market in 2019 with a value of 2.28 billion baht and accelerated as the 7th export market in 2022 with a value of 3.64 billion baht or 34.2% from Year 2021, for 2023, considering on the basis of growth at the economic acceleration Giving India the opportunity to move the status of the 5th Thai export market with the value of 4.2 billion baht to support with the population structure Especially the labor age that has continuously increased Which will increase the purchasing power in the country in the long run Which is divided into 2 dimensions as follows
1) quantitative dimension India is currently found to have a population of 874.5 million workers, which is expected in the next 10 years to increase up to 1,054 million people or increased by more than 178.6 million people, compared to the 4-6 main export market. For example, Malaysia, Indonesia and Vietnam found the population structure in the age of 10 years, which will increase at 2.0 million people, 14.9 million people and 4.9 million people respectively, and compared to the 3rd export markets in Thailand, such as Japan. The population structure is found in the labor force in which the next 10 years will be reduced to 6.0 million people. In the dimension of the enormous number of labor of India, it is a factor in accelerating purchasing power in the dimension of quantity. Especially in consumer products that have continuously increased directions
2) Quality dimension Through the revenue status Because in the past 10 years, India has increased to 56% of the revenue of up to 56% of the country with the world's top 10 large economy. Consistent with Bain & Company's studies, which is estimated that in the year 2030, there will be a population of Indians with more than 500 million in medium incomes or 51% of the total population. Accelerated from the year 2018 with only 24% proportion, which the study in the same direction as the study of the organization for economic and development (OECD), which indicates that in the year 2033, the Indian population will be a group of consumers that Have the most medium income or 25% of consumers with medium income around the world In the dimension of revenue status Is a factor to support the expansion of luxury goods to increase at the acceleration
Therefore, with the growth of the Indian export market in 2023, it is expected to move the status of the 5th Thai export market and on the direction of the economic growth and the purchasing power in the country that is likely to increase in the long term. TTB Analytics assessed. That by the year 2032, India is likely to move up into the 3rd export market in Thailand instead of Japan. With the driving force from the entire product group, high export value and high potential products, as follows: High export values, such as vegetable oil, plastic and chemical oils. In 2022, with delivery value A total of 1.16 billion baht or 31.8% of exports included in India. The trend of high export values is a consumer product group that has grown according to the purchasing power of the population that is likely to expand continuously. Reflected from the income structure in the year 2018, it was found that the Lower Middle-income household proportion is 57% and has a low-income household proportion at 43%, but it is estimated that Year 1970, low -income household proportions will be reduced to only 15%, while households with medium -lower -than -up revenue will increase to 85%. The product group has high expansion potential. In order to respond to the status to a society that has a higher income It is estimated that in the year 2033, there will be a medium -sized household proportion of 51%, which is an increase of leaps from 2018 which has only 24% proportion. Benefits for the export of luxury goods such as jewels and jewelry, cosmetics and premium food in 2022, with a small amount of export but has a high growth rate.
In conclusion, India is an interesting export market and has the highest expansion potential in the world's top 10 big economic markets. Thailand is one of the countries that have an advantage from the location that can connect to the Indian trade sector to the cartridge.
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