May 9, 2024
Exports to Australia more than doubled to US$ 7.94 billion in 2023-24, with imports growing by 23.06% to US$ 16.16 billion
India's exports to ASEAN increased by about 10% to US$ 41.21 billion, while imports jumped by 34.3% to US$ 79.67 billion
Trade relations with South Korea witnessed a 36.38% increase in exports and a 26.12% rise in imports, supported by the Comprehensive Economic Partnership Agreement
Exports to Japan increased by 6.06%, reaching US$ 5.16 billion, with imports rising by 38.56% to US$ 17.70 billion
Data from the Global Trade Research Initiative (GTRI) reveals that India’s imports of goods from Free Trade Agreement (FTA) partners, including the UAE, South Korea, and Australia, experienced a robust growth of about 38% during the fiscal year 2019-24, reaching US$ 187.92 billion. This surge in imports was complemented by a 14.48% increase in exports to these FTA partners, amounting to US$ 122.72 billion in the same period. These figures underscore the dynamic and evolving nature of India’s global trade dynamics, which are driven partly by the impact of FTAs.
Exports to the UAE witnessed a notable increase of 18.25%, reaching US$ 35.63 billion in fiscal year 2023-24, while imports surged by 61.21% to US$ 48.02 billion. The FTA between India and the UAE, effective since May 2022, contributed to this growth. Similarly, exports to Australia more than doubled to US$ 7.94 billion in 2023-24 from US$ 3.52 billion in 2018-19, with imports from Australia growing by 23.06% to US$ 16.16 billion in the last fiscal.
India’s exports to the ASEAN bloc increased by approximately 10% to US$41.21 billion in the last fiscal year, while imports jumped by 34.3% to US$79.67 billion. In the case of South Korea, India witnessed a 36.38% increase in outbound shipments, reaching US$6.42 billion, with imports rising by 26.12% to US$21.14 billion. The Comprehensive Economic Partnership Agreement between India and South Korea, enforced in 2011, played a role in this trade boost.
Exports to Japan saw a modest uptick of 6.06%, reaching US$5.16 billion in 2023-24, while imports surged by 38.56% to US$17.70 billion. The India-Japan FTA, implemented in 2011, contributed to these trade figures.
Overall, India ranks 17th globally in exports, with a 1.8% share in world trade and 8th in imports, holding a 2.8% share. In fiscal year 2023-24, India’s merchandise exports fell by 3.11% to US$ 437.1 billion, while imports declined by 5.4% to US$ 677.2 billion.
Source: Economic Times