India's total trade, combining exports and imports, is set to surpass the $1-trillion mark for the second consecutive financial year in FY23. Like FY22, India’s total trade this year (10MFY23) has surpassed the past 10-year average of $0.78 trillion. In this issue of Business Today Magazine, The Point decodes all the crucial figures
While the country's international trade jumped 30 per cent from FY12 to FY22, imports and exports grew 25 per cent and 38 per cent, respectively, albeit imports are still about 45 per cent higher than exports. However, India's reliance on certain nations has increased for both imports and exports. Any slowdown in these economies may hit India's trade disproportionately
Despite rising trade, the ratio between exports and imports has remained largely the same in the past 12 years
India’s trade deficit, the difference between exports and imports, has crossed $200 billion in the April 2022-January 2023 period
There has been a 387 per cent surge in total imports from Russia to $37.55 billion in April 2022-January 2023 compared to $7.71 billion in the year-ago period
There has been an 80 per cent rise in imports from China in value terms in the past 10 financial years to $94 billion in FY22. The trade deficit with China stands at $72 billion in FY23 till January 2023
The US accounts for 18 per cent of total exports from India; in FY12, its share was just 11 per cent. UAE, Netherlands, China and Singapore are some of the other countries where India exports most goods
Chinese goods continue to dominate India’s import bill with a share of over 13 per cent. UAE, the US, Russia and Saudi Arabia also account for India’s total imports
Check out what India imported the most. The data is for April 2022-January 2023.
Check out what India exported the most. The data is for April 2022-January 2023.