India India’s import of goods from free trade agreement (FTA) countries like UAE, South Korea and Australia increased by about 38 per cent to US$ 187.92 billion between financial year 2018-19 to 2023-24. This was said in a report. According to economic research institute Global Trade Research Initiative (GTRI), the country’s exports to FTA (free trade agreement) partners are expected to grow by 14.48 per cent to US$ 122.72 billion in 2023-24 from US$ 107.20 billion in 2018-19.
Import increased by 38%
The research institute said, “India’s imports increased by about 37.97 percent to US $ 187.92 billion between the financial year 2018-19 to 2023-24.” This growth reflects the significant and diverse impact of free trade agreements on India’s global trade dynamics.” According to the data, India’s exports to UAE increased by 18.25 percent to US $ 35.63 billion in 2023-24 in the last financial year. , whereas in 2018-19 it was US $ 30.13 billion. Imports increased by 61.21 percent to US$ 48.02 billion from US$ 29.79 billion in the financial year 2018-19. The FTA between India and UAE came into force in May 2022.
Import-export increased from these countries also
Similarly, there has been an increase in exports and imports after FTAs with Australia, Japan, 10-nation Southeast Asian grouping ASEAN and South Korea. India ranks 17th globally in exports with 1.8 percent share in world trade. On the import front, the country ranks eighth with 2.8 percent share in global trade.
Merchandise exports fell in 23-24
However, in the financial year 2023-24, India’s merchandise exports declined by 3.11 percent to US $ 437.1 billion and imports also declined by 5.4 percent to US $ 677.2 billion. Ajay Srivastava is the co-founder of GTRI. He was an Indian Trade Service officer. Took VRS (Voluntary Retirement) in March 2022. He has experience in trade policy formulation, WTO and FTA negotiations.
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