East Asian nations have deepened and broadened their global connections even as international trade remained weak, according to the fourth Global Connectedness Index (GCI) released by DHL.
The new report, a detailed analysis of 140 countries, measures depth and breadth of connectedness by cross-border flows of trade, capital, information and people. The GCI identified Singapore as the world’s most deeply-connected economy, followed closely by Hong Kong, while South Korea and Japan ranked fourth and fifth respectively when measuring the breadth of international relationships. In the overall connectedness index, capturing both depth and breadth, Singapore is the world’s second most connected country. For the first time ever, this year’s report also introduces two new city indices, which identify “Globalization Hotspots” and “Globalization Giants” based on the intensity and volume of their international flows. Singapore leads both new indices, with Hong Kong close behind as both a globalisation giant (2nd) and hotspot (3rd). The new report also reveals that cities in East Asia & Pacific average the highest scores in the Giants ranking.
Commenting on Singapore’s performance on the index, Frank-Uwe Ungerer, Managing Director, DHL Express Singapore, said, “Singapore’s top rankings on city-level globalisation indices reflect its commitment in maintaining a global perspective on trade…As the world’s leading international express services provider, DHL Express is in a prime position to help businesses go global – by leveraging our vast global network and deep local knowledge – and succeed. We are committed to further deepen trade connectivity through technological innovations and investments in logistical infrastructure and processes. Our recent investment in the S$140m DHL South Asia Hub reflects our dedication towards enhancing logistical capabilities in Singapore and the region. By accelerating inward and outward parcel processing with the use of new automated technologies, raising overall productivity and shortening delivery times, this advancement presents an efficient option for businesses engaging in cross-border trade to tap on our global network and connectedness to reach their key audiences.”