What is The Current Trade of India | Siomex. The reason why India is now known as one of the biggest economies instead of just being called a developing country is because it has made great improvements in the import and export sector .
The global import export data shows that India in The year 2022 the goods and services trade with an estimated 600B $.
It also shows that the manufacturing exports as a share of total goods exports rose from 58 to 64 percent.
The reason why this growth happened was the increase in the quality, sophistication and diversification of manufacturing.
If you are someone who is new in this import export world or already existing business who wants to grow and wants to get the right data and current status of India’s trade .
Then this post is made for you .
The current trade status of India
The latest measurable import export data that we have is of the year 2022 .
India exported a total of $403 billion.
The top exports of India are Refined Petroleum, Diamonds, Packaged Medicaments, Jewellery,and Rice.
Also the data shows that India was the world’s biggest exporter of Diamonds, Rice and jewelry
By carefully going through the information given by the import export data provider.
The global trade-to-GDP ratio,also known as. total trade volume has improved from 37 percent in 1980 to 56 percent in 2022.
As India is exporting their good quality goods to many countries that have high economies the importance of Indian trade has grown in the international trade market .
India today stands as major trader of the world and the best trading as well as political relationship With USA which is the biggest economy in the world
In the year 2021-22 the trade between India and the USA was at a record US$ 119.42 billion as against US$ 80.51 billion in the previous year .
The good part is that India had a trade surplus of US$ 32.8 billion with the US.
Let us now look at the factors or the reasons because of which India could show this growth
Factors that helped in the growth of Indian trade
There are many factors that helped India grow in the international maarket.
By studying the import export data India carefully we found these possible reasons .
Skilled workforce:
India is a country that has many skilled people all over which has also helped in the growth of the economy.
The skilled and cheap labor has made India an attractive destination for business, trade, and investment opportunities in many industries and sectors
Economic reforms: Many economic reforms that took place earlier for example in 1991 like liberalization policies which made a good impact on creating a continuous growth and using the full economic potential of India
Promoting trade : The Indian traders and manufacturers are participating and are working very hard to promote trade. They also are engaged in regional and bilateral trade negotiations to diversify and expand their export markets to get access to the raw materials and make products.
Government support: India’s government has also fully supported the traders in increasing the volume of imports and exports between India and other countries.
The government has also launched many schemes like PM Modi promoted the need to make products in India and encouraged the made in India scheme.
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