Despite the global economic slowdown, the Indian export sector is growing year on year. India’s exports rose by 9.1 percent in May to hit a new high.
A news package on this.
India’s exports have increased from USD 498 billion in 2020-2021 to USD 770 billion in 2022-2023. 24 percent growth in these two years.
India’s exports are expected to reach one trillion US dollars this year. As a preview, India’s exports rose to USD 38.13 billion last May.
Exports in various sectors, including engineering, electronics, and pharmaceutical products, have seen double-digit growth.
Exports from India include petroleum products, transport equipment, vegetable oils and silver. Meanwhile, India’s import trade declined by 7.7 percent.
Union Commerce Secretary Sunil Barthwal said that the slowdown in sectors like textiles has changed and the exports of these sectors have seen a growth of 9.8 percent. He also said that as inflation is decreasing in developed countries, the purchasing power of people in those countries is increasing.
In the past year, there has been a slowdown in world trade due to high global inflation, rising interest rates and sluggish consumer demand. That is now gradually changing.
Exports of petroleum products rose by 15.75 per cent, engineering products by 7.39 per cent, electronic products by 22.97 per cent and exports of pharmaceuticals and medical equipment by 10.45 per cent, according to official data.
Also, while the import of crude oil has increased by 28 percent, the import of gold has also decreased, the central government said.
Exports of gemstones and jewellery, marine products, iron ore, cashews and oilseeds have seen a major decline. Exports of spices have also seen a decline following the withdrawal of some Indian spices to markets in countries like Hong Kong and Singapore.
India has recorded the highest growth in exports to five countries namely USA, Netherlands, UAE, Malaysia and UK.
India’s export sector is witnessing phenomenal growth due to the central government’s initiatives to encourage and promote every Indian state to integrate with global trade in line with the principle of ‘Atma Nirbar’.
Trade and industry experts say that India’s export sector will touch the target of USD 2 trillion by 2030.
Discussion about this post