Entering the new phase of globalisation, India is at the centre of emerging economies around the world. Countries from around the world are looking to have a special bond with India. David Cameron, in recent past,expressed his desire to build a ‘special relationship’ with India which was reflected in the largest traded elegation ever to any country by a British prime minister. In the period between 2002 and 2016, East Asia has shown the most promise followed by South-East Asia and South America. South-East Asia’s growth reflects the importance of emerging markets in this new phase of globalisation. Its growth is backed up with a decline in import and export data from North America and Europe.
In March of 2018, Indian imports rose 7.2% to $ 42.8 million on a yearly basis. The amount rose mainly due to the purchase of petroleum, crude and other related products which account for 13.92% of our total imports. Followed by these are electronic goods which account for 2.53 and electrical and non-electrical purchase which is said to be around 33.41%. One of the notable business was seen in coal, coke and briquettes which was 44.7%.
Noticeable Import Trendsin Indian Trade Data
- Mineral fuels, oil, bituminous substances and waxes account for 27% of the total imports whereas pearls, semi-precious stones and jewellery make up for 14% of the trade figure.
- Electrical machinery and equipment (10%)
- Nuclear Reactors, Mechanical Appliance, Machinery and Boilers (8%)
- Organic Chemicals (4%).
As far as the exports are concerned, China is the biggest import partner at 16% and is followed by the United States (6%), United Arab Emirates (6%), Saudi Arabia (5%) and Switzerland (5%) respectively. China has considerably taken over the United States with regards to imports as in FY 2012-13, the US was India’s biggest import partner at 13.87% followed by UAE at 13.09%.
Noticeable Export Trends in Indian Trade Data
As compared to the imports, Exports have declined by 0.7% to $29.11 B. Considering the period between April 2017 to March 2018, exports rose to $ 302.8 billion.
India’s trade deficit had widened to $13.69 billion in March 2018 from $10.65 billion a year ago. Import data rose to 7.2% year-on-year to $42.8 billion. As for the FY 17.18, the trade gap has widened sharply to $156.83 billion from $108.5 billion in FY 16/17. Imports jumped 19.6% to $459.7 billion whereas exports rose at a comparatively slower rate.