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India’s Foreign Trade: India’s foreign trade is expected to cross the $1.6 trillion mark in this financial year. The Global Trade Research Initiative (GTRI) said that USD 1.6 trillion for the fiscal year ending March 2023 would account for about 48 per cent of India’s GDP of USD 3.4 trillion.
According to data from the think tank, the rate of growth in exports of services will be higher than that of goods. Ajay Srivastava, co-founder of GTRI, said that the high growth rate in service exports vis-a-vis outbound shipments of goods is a good indicator of India’s export performance.
Total exports of goods and services $755 billion
The total export of goods and services from India during April-March 2023 is estimated to reach US$ 755 billion, showing a positive growth of 11.6 per cent over the same period last year. It has been further told in the report that India’s merchandise exports are estimated to increase by about 5 percent to reach $ 442 billion.
What is the expected increase compared to last year?
Similarly, services exports are expected to increase by 22.6 per cent to US $ 311.9 billion. It further states that foreign trade – goods and services – is expected to cross US$ 1.6 trillion, which is 48 per cent of the country’s total GDP. This estimate is till the financial year March 2023. Explain that the total trade for the financial year 2021-22 has been 1.43 trillion US dollars.
Growth expected in these sectors
The major sectors which are expected to see growth include infrastructure and agricultural products like fish, meat, dairy etc. Apart from this, there can be an increase in petroleum items, chemicals, diamonds, machinery and automobile sectors. Talking about the top export destinations, US, UAE, Netherlands, China, Bangladesh, Singapore, UK and Germany are included. Let us tell you that on April 15, 2023, the data will be released by the Ministry of Finance.
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