India’s foreign trade expected
India’s foreign trade expected to surpass the US $ 1 .6 trillion mark this year ,despite economic uncertainties around the world ,
According to a report by the economic think tank G T R I this amount is equivalent to 4 8 % of India’s nominal GDP of USD 3 .4 trilllion for the year ending March 2023 .
The think tank is analysis of the data showed that the growth rate of service exports is expected to be higher than the that of goods .
India’s overall export performance has improved due to the higher growth rate of service exports when compared to the exports of goods .
India’s exports of goods and services from April 2022 to. March 2023 are predicted to reach USD 755 billion , showing a growth rate of 11 . 6 % compared to the same period last year ( April 2021 to March 2022 )
The report stated that India’s merchandise exports are expected to rise by approximately 5% to USD 442 billion during this fiscal year . Additionally the services exports are projected to grow by 22.6% to USD 311.9 billion in 2022 -23 .
India’s foreign trade (which includes exports and imports of goods and services) is predicted to surpass USD 1 .6 trillion . which is a equivalent to 48 % of the India’s nomi nal GDP of USD 3 . 4 trillion for the fiscal year ending in March 2023 . India’s foreign trade was at USD 1.43 trillion for the fiscal year 2021 – 22 .
Although there are weak nesses in some sectors , the high trade figures highlight how trade has become a significant part of the Indian economy .
Some of the sectors that are predicted to experience substantial growth include agriculture products ( both basic and processed ) fish , meat and dairy products . Additionally , petroleum products , chemicals , diamonds , machinery and automobiles are expected to perform well .
India’ s primary export destinations are the United States , the United Arab Emirates , the Netherlands , China , Bangladesh ,Singapore , the United Kingdom , Germany .etc
The report indicates that while weak global demand and economic recession in major countries may have a slight effect on Indian exports , the domestic economy’s resilience will contribute to export growth . Furthermore , high-growth sectors such as electronics are performing well , which will bolster Indian exports for the first time .
the value of petroleum products and coal exports for the cuurrent year is expected to be around USD 98 . 2 billion ,which is a substantial increase of over 4 1 %.
Likewise , India’s exports of electronics and electrical machinery are anticipated to increase by approximately 36 % reaching USD 27.4 billion .
The trade data for the fiscal year 2022 – 23 is expected to be released by the commerce ministry on April 15th .