22 February 2012 04:06 [Source: ICIS news]
SINGAPORE (ICIS)--Asia Pacific trade is expected to grow at an annualised rate of 6.5% over the next five years, with petroleum oils and bitumen making up “substantial components” of the trade flow, UK-based banking firm HSBC said late on Tuesday.
“Over the next five years for instance, India's trade in the oil sector is forecast to increase by almost 10%, which is above the region’s total expected trade growth, demonstrating the robustness of this sector [energy and commodities],” HSBC added.
The Asia Pacific region will play a crucial role in helping the world’s economic recovery and the global uplift in trade that HSBC predicts from 2014 will take effect at a quicker pace in the Asia Pacific, it said.
“With demand flat in some of the domestic markets, in particular Europe and
However, the region’s ability to achieve the high rates of growth in trade will be affected by external economic and environmental factors such as the eurozone debt crisis and natural disasters, the bank said.
Intra-regional trade will continue to be a key driver of growth within the Asia Pacific, it said.
“Some of this can be attributed to the move by the world’s largest businesses to broaden their supply chains across the region, integrating themselves into manufacturing processes and, therefore, trade,” HSBC said.
Almost all of the countries in the Asia Pacific are expected to have strong export figures in the next five years, largely in the motor vehicles and commodities sectors, as trade routes continue to develop with Latin America, the Middle East and
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