India export import
India plans to increase its export share in global trade from 2.1% IN 2022-23 to 3% by 2027 and 10% by 2047, promoting a hundred Indian brands as global champions.
- Faster import-export clearance - To ease trade, a Customs 'ONE' will be established to give import-export clearance within one hour of arrival at entry points and customs ports.
- Establishing economic zones outside India -As an extension of the Atmanirbhar Bharat programme, it includes establishing economic zones outside India.
- Exports to account for 25% of gross domestic product - The goal is for exports to account for 25% of gross domestic product. Pharmaceuticals, gems and jewellery, marine and agribusiness, textiles and leather, engineering goods, electronics and telecom devices, and chemicals are the focus sectors.
Trade during April-March 2021-22*
|Net of Services||105.21||88.57||121.01|
|Overall Trade (Merchandise+
Top exports & destinations
TOP 5 EXPORTS FROM INDIA:
- India's economy is largely dependent on the services exports. The country exports various services, namely, travel, transportation, insurance, software – IT-BPM, business services, financial services and communication, etc. The total export of services from India in 2020-21 was US$ 206 billion, which reached the targeted US$ 250 billion in 2021-22 and is expected to reach US$ 325 billion by 2022-23. During 2021-22, the trade surplus for Indian services exports was US$ 105.2 billion, a 24% rise from 2019-20. Total share – 40-45 %
- Petroleum, oil, and lubricants (POL) exports constituted about 1%. Total share – 18-22 % of merchandise exports
- Engineering is the largest industrial sector in India and accounts for 3.53% of the country's Gross Domestic Product (GDP). The country's engineering sector comprises manufacturing iron, steel, related products, non-ferrous metals, industrial machinery, automobiles, auto components, and other engineering products. India became a permanent member of the Washington Accord (WA) in June 2014. it is now a part of an exclusive group of 17 countries that are permanent signatories of the WA, an elite international agreement on engineering studies and mobility of engineers. India's engineering sector has witnessed remarkable growth over the last few years. Total share – 16-18 % of merchandise exports
- Gems and jewellery - The gems and jewellery industry of India contributes 7% to India’s Gross Domestic Product (GDP). The industry employs more than 5 million of skilled and semi-skilled workforce in the country. The sector contributes about 10-12% of India’s total merchandise exports, accounting for the third largest commodity share. Total share – 10-12 % of merchandise exports
India”s exports by destination:
- In 2021-22, the bilateral trade between India and the USA stood at a record US$ 119.42 billion as against US$ 80.51 billion in 2020-21.
- In 2021-22, India had a trade surplus of US$ 32.8 billion with the US.
- Trade between India and China during April-November 2022 stood at US$ 77.82 billion.
- Bilateral trade between India and China reached US$ 115.83 billion in 2021
- In FY2021-22, China had a 15.4% share in India's total imports. India imported goods worth US$ 613.2 billion from the world, including goods worth US$ 94.2 billion from China.
- India is UAE’s second-largest trading partner accounting for 9% of its total foreign trade and 14% of non-oil exports. Also, the UAE is India’s third biggest trade partner.
- India-UAE trade increased from US$ 180 million per year in the 1970s to US$ 72.8 billion in FY21.
- It is expected that the value of UAE’s non-oil trade with India will increase from the current US$ 60 billion to over US$ 100 billion over the next five years.
- India and UAE have projected to surpass bilateral trade worth US$ 88 billion this year. After USA and China, UAE became India’s third largest trading partner.
- UAE is the 7th largest investor in India with cumulative FDI inflows of US$ 15,179 million from April 2000 – September 2022.