Stats IQ: India’s Foreign Trade

• India’s Overall Exports:  They are estimated to be USD 63.02 Billion in February 2023, exhibiting a positive growth of 7.81% over the same period last year.
  • India’s overall exports in April-February 2022-23 are estimated to be USD 702.88 Billion which is 16.18% growth over the same period last year.
• India Overall Imports: Overall imports in February 2023 are estimated to be USD 65.85 Billion, exhibiting a negative growth of (-) 4.38% over the same period last year.
  • Overall imports in April-February 2022-23 are estimated to be USD 817.46 Billion, exhibiting a positive growth of 19.93% over the same period last year.
• Trade Deficit: India’s trade deficit for Jan-Dec 2022 was 51% higher than 2021.
• Trading Partners: US is India’s biggest trade partner with a total trade value of $131 billion.
  • US and China alone accounted for more than a fifth of India’s international trade.
  • In 2022, India exported $80 billion worth of goods to US resulting in a trade surplus.
  • China is second largest trading partner, with a total trade value of $118 billion. In 2022, 14% of India’s imported goods came from China.
  • India runs a huge trade deficit with China.
  • India’s trade deficit with China in 2022 was one-third (32.4%) of India’s overall trade deficit.
• Merchandise Trade:
  •  Merchandise Exports: In February 2023 , they were USD 33.88 Billion, as compared to USD 37.15 Billion in February 2022.
    • Merchandise exports for the period April-February 2022-23 were USD 405.94 Billion.
  • Merchandise Imports: In February 2023, it was USD 51.31 Billion, as compared to USD 55.90 Billion in February 2022.
    • Merchandise imports for the period April-February 2022-23 were USD 653.47 Billion.
  • Merchandise Trade Deficit: For April-February 2022-23, it was estimated at USD 247.52 Billion.
• Services Trade:
  • Value of Services Export: For February 2023, it is USD 29.15 Billion, as compared to USD 21.30 Billion in February 2022.
    • For April-February 2022-23, it is USD 296.94 Billion.
  • Value of Services Import: February 2023, it is USD 14.55 Billion as compared to USD 12.97 Billion in February 2022.
    • For April-February 2022-23, it is USD 164.00 Billion.
  • Services Trade Surplus: For April-February 2022-23, it is estimated at USD 132.95 Billion.
• Commodity Groups Exhibiting Positive Growth in Feb 2023:   Oil meals, iron ore, Spices, Electronic Goods, Gems & Jewellery, Rice, Marine Products, Drugs & Pharmaceuticals etc.
• Commodity Groups Exhibiting Negative Growth in Feb 2023: Petroleum Products, Handicraft, Meat, dairy & poultry products, Organic & Inorganic Chemicals, Cotton Yarn, Jute Mfg. including Floor Covering, readymade garments, Tea, Cashew, etc.

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