India was the fastest growing trading partner for Georgia Ports
October 17, 2023 – India represents enormous opportunities for Georgia’s Ports. The Georgia Ports Authority’s (GPA) overall trade with India grew faster than its trade with any other country among the top 20 over the past fiscal year.
No other U.S. port expanded India trade by more containers than the Port of Savannah, by a margin of 14,000 twenty-foot equivalent container units, according to PIERS-Enterprise loaded cargo data.
“Our growth trajectory with India is extremely strong and we are actively taking steps to increase our presence in the market,” said Griff Lynch, GPA president and CEO. “As production shifts to India and as demand in its economy rises, that trade increasingly favors the Port of Savannah’s strategic location over West Coast ports, due to time and cost.”
Import-export volumes between Savannah and India totaled 279,149 TEUs last fiscal year, for an increase of 18 percent or 43,333 TEUs.
- GPA exports to India grew by 50% in FY23 vs FY22 and by nearly 80% in the past five years.
- Overall GPA trade with the South Asian nation grew by 18% in the past fiscal year and 61% over the past five years.
- Savannah handles more India trade than any other U.S. port except NY/NJ.
- GPA imports from India over the past five years were up 52%. In FY23, imports constituted 63% of GPA’s total India volumes, signaling well-balanced trade.
- GPA has weekly container services with India’s major ports of Nhava Sheva (India’s commercial and financial hub – and largest port), Mundra and Pipavav.
Quick stats on India
- India is the world’s fastest growing major economy and is expected to become the third largest economy by 2027.
- The median age is 28 in India vs. 38 in China.
- India’s global exports were one-tenth of China’s in 2021, but now exceed all other emerging markets except Mexico’s and Vietnam’s, according to World Bank data.
- India’s infrastructure is getting sweeping upgrades and the nation plans to invest $82 billion in port projects by 2035.
Georgia’s ports and inland terminals support more than 561,000 jobs throughout the state annually, and contribute $33 billion in income, $140 billion in revenue and $3.8 billion in state and local taxes to Georgia’s economy. CNBC ranked Georgia #1 in the U.S. for infrastructure in America’s Top States for Business in 2023.
GPA is investing in future supply chains with a $1.9 billion port master plan and a $6 million workforce housing initiative. The Port of Savannah is grateful and fortunate to have one of the most extensive, industry-leading supply chain ecosystems through our business partners operating near the port that serve the logistics needs of thousands of customers and ensure long-term competitiveness, business resiliency and future growth capabilities. For more information, visit gaports.com or contact Tom Boyd at firstname.lastname@example.org or call (912) 964-3855.