India’s Foreign Trade: India’s foreign trade is expected to cross the level of $1.6 trillion in this financial year. Global Trade Research Initiative (GTRI) said that USD 1.6 trillion will account for about 48 per cent of India’s GDP of USD 3.4 trillion for the fiscal year ending March 2023.
According to the data of the think tank, the rate of growth in export of services will be higher than that of goods. Ajay Srivastava, co-founder of GTRI, said the high growth rate in service exports relative to outbound shipments of goods augurs well for India’s export performance.
Total exports of goods and services $755 billion
The total export of goods and services from India during April-March 2023 is estimated to reach US$ 755 billion, showing a positive growth of 11.6 per cent over the same period last year. The report further states that India’s merchandise exports are estimated to grow by about 5 per cent to reach $442 billion.
How much growth is expected over last year
Expect growth in these sectors
The major sectors that are expected to see growth include infrastructure and agricultural products, fish, meat, dairy, etc. Apart from this, there can be an increase in petroleum items, chemicals, diamonds, machinery and automobile sectors. Talking about the top export destinations, US, UAE, Netherlands, China, Bangladesh, Singapore, UK and Germany are included. Please tell that on April 15, 2023, the data will be released by the Ministry of Finance.
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