India’s Merchandise Trade: Key Facts
During the
current financial year (April-January), India’s total export was $217.7 billion
while total import during the same period was $324.5 billion. In 2015-16, both
imports and exports have been on declining trend mainly due
to global slowdown. The trade deficit stands at $106.8 billion. Some important current facts
are as follows:
·
The merchandise
trade (trade in commodities) had a 13.9% share in India’s GDP in 1991-92. It
stood at 27% in 2004-05, and further went up to 41% in 2013-14. In 2014-15,
merchandise trade is 37.1% of GDP.
·
In 2013, India’s
exports share in world merchandise exports was 1.7 per cent. The objective of
taking it to a respectable figure of at least 4% of world trade in next five
years still seems to be a distant dream. We note here that China’s share in
world trade is around 11%.
·
Gujarat and
Maharashtra are two export dominating states of India.
·
China and UAE
are India’s largest trade partners.
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