Official estimates predicted total exports (merchandise and services combined) at $444.74 billion in April-October 2022, a 19.56% increase over the same period last year. This is a significant accomplishment in the context of the global trade landscape.
According to the results for the first seven months of the current fiscal year (2022-23). According to preliminary government figures, India’s merchandise (goods) exports were $263.35 billion in April-October 2022, up from $233.98 billion in April-October 2021, representing a 12.55% increase. Services exports are expected to increase by more than 31.4%, rising from $138.01 billion in April-October 2021 to $181.39 billion in April-October 2022.
HT reported on Thursday (November 17) that its merchandise exports to seven of its ten top trading partners – the United States, the United Arab Emirates, China, Bangladesh, the United Kingdom, Saudi Arabia, and Hong Kong – fell year on year by 26%, 18%, 47.5%, 52.5%, 22%, 20%, and 23.6%, respectively, in October, as their economies slowed due to massive global headwinds. India is a bright spot, since its imports are growing faster than those of other big economies, owing to robust domestic demand, particularly for raw resources. According to the most recent official figures, India’s total imports in April-October 2022 are expected to be $543.26 billion, representing a 33.8% increase over the same period last year.
In every way, India outperforms the world average. It is unquestionably a bright light in an otherwise bleak global economy. Global institutions have recognised this. According to the World Trade Organization (WTO), global merchandise trade growth would be 3.5% in 2022 and just 1% in 2023. Despite India’s small part of global commerce, a worldwide demand collapse will harm India’s exports.
India has fared well thus far, and it will continue to perform well in the future for two reasons: the top political leadership believes in turning obstacles into opportunities, and India’s present policy grid is nimble, adaptable, and well calibrated.
The administration is looking into new markets in order to increase its exports. Major industrialised economies, notably the United States, have stated that they see India as a trusted partner in ensuring uninterrupted supplies of commodities and services. They discovered the risks of depending on a non-democratic, untrustworthy, and opportunistic partner at a time when Covid, and subsequently the Ukraine conflict, interrupted the global supply system, making food and gasoline costly for many wealthy nations.
That is why Western economies desire a trade agreement with India. Some large developed markets, like the United Kingdom, the European Union, and Canada, are considering free-trade agreements (FTAs). Even as advanced economies decline, the goal is to focus on high-demand regions such as North America, Latin America, West Asia, and North Africa (WANA).