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What are the latest trends of export and import in India?

 

India is a country that induldges in import and export of goods and services . The import export data of India shows that there are many factors tha affect  India's export and import trends like  global economic conditions, government policies and industry-specific dynamics.

If you are someone who is looking to expand your import export business or entering this world then . This post will show you some latest trends in export and import in India:

Here are some trends



Export Trends

Some of the texport trends shown by export data India are

Record-High Exports: In the financial year 2022-23 India achieved its highest-ever merchandise exports reaching a record high of US$417 billion

This growth was mainly driven by sectors such as petroleum products, engineering goods, gems and jewelry organic and inorganic chemicals and textiles

Crossing Targets: India crossed the targets that government gave . They gave a target of US$400 B for exports in the year 22-23

This shows that  the Indian exporters have an ability to overcome challenges It also includes  those  people who a posed by the global pandemic

Focus on Diversification: India has been working very hard to diversify its export markets and product range.

The top export destinations of India include the United StatesUnited Arab Emirates, China, Bangladesh, and Hong Kong

Key export products include refined petroleum, diamonds, packaged medicines  jewelry, and rice

Import Trends:

The import data India shows the following trends in India imports

Increased Imports: India's imports of goods have been increasing, leading to a significant trade deficit of 87.5 percent in FY 2022-23

The top imported products include crude petroleum, gold, coal diamonds, and petroleum gas

China is the largest import partner for India

Rising Demand for Commodities: India's imports of commodities such as crude oil, coal, and gold have been on the rise

This is because of the increased industrial activity, energy requirements and consumer demand.

Trade Deficit: India's trade deficit increased to US$192.41 billion in FY 2022-23 . It also shows that iimports are more than  exports by a big margin.

This highlights the need for measures to boost exports and reduce dependence on imports.

Government Initiatives:

The Indian government has issued many policies and schemes and programs in order to improve the country exports and reduce the trade deficit. Some of the important initiatives include

Export Promotion Schemes:

The government has added many schemes like  Merchandise Exports from India Scheme and the Export Promotion Capital Goods scheme to grow more exports and provide support to exporters

Atmanirbhar Bharat: The government's Atmanirbhar Bharat (Self-Reliant India) initiative aims to promote domestic manufacturing and reduce dependence on imports.

This initiative includes measures such as production-linked incentives for various sectors

Trade Agreements: The import export data shows that India has been doing a lot of  trade agreements and negotiations with various countries and regions to increase market access for its exports.

Conclusion:

In this post we saw how India has shown a good improvement in export although the imports were more . We saw some trends that India showed .

If you wish to learn more about trade related information then you should visit Siomex.

 

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