India’s foreign trade crosses $800 billion mark

Mumbai: A report published by Global Trade Research Initiative (GTRI) revealed that India’s total exports and imports of goods and services crossed $800 billion mark during the first half of 2023. The exports of goods and services rose by 1.5%t to $385.4 billion during January-June this year. It was at $379.5 billion in January-June 2022. Imports, however, dipped by 5.9% to $415.5 billion during the six months of this year. It was at $441.7 billion in January-June 2022.

‘India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5% over the same period last year (January-June 2022),’ the report said.

Goods exports dipped by 8.1% to $218.7 billion, while imports contracted by 8.3% to $325.7 billion. Services exports during the six months period grew by 17.7% to $166.7 billion, while imports rose by 3.7% to $89.8 billion.

Also Read: Indian economy likely grew at 7.8% in Q1: Economists 

According to the report, 11 of 29 product categories contributing to 25% of India’s exports registered positive export growth during January-June 2023. Those sectors include Telecom, Computer and electronics items; Machinery, boilers, Turbines; Pharmaceuticals; ceramic products. Exports of smartphones surged to $7.5 billion during January-June this year. It was at $2.5 billion in January-June 2022.

However, exports in 18 of 29 product categories contributing to 75% of total merchandise exports declined during the period. These categories  include cereals, vegetable, fruits, spices; fish, meat; dairy products; textiles, ; carpets, garments; footwear; and leather.

India exports goods to 240 countries and out of that, the country’s outbound shipments declined in 134 destinations. Major countries where exports declined include the USA, UAE, China, Bangladesh, and Germany. Countries where exports grew positively include Netherland, UK, Saudi Arabia.

 

 

During January-June 2023, the top 15 countries with which India has the highest trade deficit include China ($38.1 billion), Russia ($29.6 billion), Saudi Arabia ($12.9 billion), Iraq ($ 12.5 billion) and Switzerland ($ 7.5 billion).