January 15, 2018
Exports have been on a positive trajectory since August 2016 to December 2017 with a dip of 1.1 per cent in the month of October 2017
Aided by trade policies, reforms and inherent strengths, India is one of the most important players in the global economic landscape
Cumulative value of merchandise imports during the same period was recorded at US$338 billion as against US$278 billion a year earlier
Boosted by the forthcoming FTP, India's exports are expected reach US$750 billion by 2018-2019 as per Federation of India Export Organisation
Over the first three quarters of financial year 2017-18, India recorded a 12 per cent rise in merchandise export, hinting towards the steady expansion of India’s global export market. Over the period spanning April-December 2017, the economy reported export worth US$223 billion as against US$199 billion a year earlier. Meanwhile, cumulative value of merchandise imports during the same period was recorded at US$338 billion as against US$278 billion a year earlier, recording a growth of 22 per cent and indicating towards a steady expansion of India’s consumption market.
Exports have been on a positive trajectory since August 2016 to December 2017 with a dip of 1.1 per cent in the month of October 2017. In the recent times, the country’s major export products have included engineering goods, petroleum products, gems & jewellery, organic and inorganic chemicals and drugs and pharmaceuticals. Non-petroleum and non gems and jewellery exports during April -December 2017 were valued at US$163.7 billion, marking an increase of 13.2 per cent.
India’s major import products during the year included petroleum, Crude and products, electronic goods, precious and semi-precious stones, gold and machinery. Oil imports during April-December 2017 were valued at US$76 billion, or 24 per cent higher Y-o-Y. This valuation includes the impact of a considerable recovery in global crude oil prices. Meanwhile, non-oil imports during April-December 2017 were valued at US$262 billion, which was 21 per cent higher than the previous year.
India is presently one of the most important players in the global economic landscape. Its trade policies, government reforms and inherent economic strengths have attributed to its standing as one of the most sought after destinations for foreign investments in the world. Also, technological and infrastructural developments being carried out throughout the country augur well for the trade and economic sector in the years to come. Boosted by the forthcoming FTP, India’s exports are expected reach US$750 billion by 2018-2019 according to Federation of India Export Organisation (FIEO)