Report on recent trends in foreign trade of india
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recent trends in foreign trade of india ppt
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Report on recent trends in foreign trade of india
11-04-2017, 01:08 PM
Foreign trade in India includes all imports and exports to and from India. At the Central Government level, it is administered by the Ministry of Commerce and Industry. Foreign trade accounted for 48.8% of India's GDP in 2015. There are records throughout the history of Indian trade with foreign countries. Even before independence, the Indian Government maintained semi-autonomous diplomatic relations. He had colonies (such as the Aden Agreement), which sent and received full missions, and was a founding member of the League of Nations and the United Nations. After India's independence from the United Kingdom in 1947, it soon joined the Commonwealth and strongly supported independence movements in other colonies, such as the Indonesian National Revolution. Partitioning and various territorial disputes, particularly in Kashmir, would weaken relations with Pakistan for years. During the Cold War, India adopted a foreign policy of not aligning itself with any large power bloc. However, India developed close ties with the Soviet Union and received extensive military support from it.
Trends in India's Foreign Trade
Trade Performance of India
India's merchandise exports reached a level of US $ 251.14 billion during 2010-11, registering growth of 40.49 percent compared with a negative growth of 3.53 percent during the previous year. The export sector in India has shown remarkable resilience and dynamism in recent years. Despite the recent setback in India's export sector due to the global slowdown, merchandise exports recorded a Composite Annual Growth Rate (CAGR) of 20.0 percent between 2004-05 and 2010-11.
World Trade Scenario
According to the IMF's World Economic Outlook October 2011, world trade recorded its largest annual increase in 2010, as merchandise exports rose 14.4 percent. The volume of world trade (goods and services) is projected to decline by 7.5 per cent compared with 12.8 per cent in 2010. World trade growth is projected to decline in 2012 to 5, 8% IMF projections.
The IMF has moderated its projections for world output growth to 4 percent in 2012. Advanced economies are expected to grow to 1.9 percent in 2012, while emerging and developing economies will grow to 6.1 percent hundred. The projected growth rates in different countries are expected to determine markets for our exports.
According to the 2010 WTO international trade statistics, in merchandise trade, India is the twenty-largest exporter in the world with a share of 1.4 percent and 13 percent with a share of 2.1 Percent in 2010.
The year 2011 has been a difficult year with Japan facing an earthquake and a tsunami, swelling instability in the oil-producing countries of the Middle East, the slowdown of the US economy and the euro zone facing major financial turmoil. The current global economic slowdown has its epicenter in the euro region, but contagion is being observed in all the major economies of the world. As a result, India's short-term growth prospects have also been affected.
Exports
Exports recorded a growth of 40.49% during April-March 2010-11. The Government has set an export target of US $ 300 billion. For 2011-12. With merchandise exports reaching US $ 217.66 billion in 2011-12 (April-December), the export target of US $ 300 million is expected to be reached. Export target and achievements from 2004-05 to 2010-11 and 2011-12 (April-December).
Imports
The cumulative value of imports during 2011-12 (April-December) was US $ 350.94 billion against US $ 269.18 billion during the corresponding period of the previous year, recording a growth of 30.4% in terms Of $. Oil imports were valued at US $ 105.6 billion during 2011-12 (April-December), which was 40.39 percent higher than the petroleum imports valued at US $ 75.2 billion in the corresponding period of the previous year. Non-oil imports were valued at US $ 245.35.
Exports by main raw materials
Disaggregated data for the main raw materials, both in terms of rupees and dollars, available for the period 2011-2012 (April-October) compared to the corresponding period of the previous year are shown in table 2.1 and 2.2, respectively. Exports of the five main products during the period 2011-12 (April-October) registered a 53.1% share mainly due to a significant contribution in the exports of Crude and Products, Gems and Jewellery, Transport, Machinery and Instruments, Drugs, Pharmaceuticals and Chemicals.
Strategy to double exports
The global economic outlook is an important determinant of the performance of any country's exports. Therefore, the growth of exports can not be considered isolated from the economic prospects of the world economy. Given the urgency of managing the growing trade deficit and the uncertain global economic scenario, the Commerce Department concluded in May 2011 a strategy paper to double merchandise exports in three years, from $ 246 billion in 2010-11 To US $ 500 billion. 2013-14. Exports were expected to increase to an average compound growth of 26.7% annually.
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