The import export data of India shows that India is a country that is very diverse It is not only known for its rich cultural heritage but also for many activities.
There is one thing that is very important for the country which a crucial component that propels the nation forward on the global stage.
If you are someone who wants to know about annual trade of India
In this blog, we will lookf India's annual trade for the year 2022 exploring its factors that shape this thing
Overview of India's Annual Trade
India's annual trade in the last year which is 2022 was around $191.8 billion with exports to $73.0 billion and imports at $118.8 billion.
This exchange of goods and services plays a very important role in the economic growth of the country which is around a good portion of GDP
The trade data India also shows that United States is India's largest trading partner with exports of goods and services to the United States worth $102.3 billion.
This trading as well as Political relationship is an example of India's trade interactions.
India's top exports include Refined Petroleum, Diamonds, Packaged Medicaments, Jewellery and Rice.
These products shows the diversity of India's export portfolio which starts from traditional commodities to high value goods and services.
India's top imports consist of Crude Petroleum, Gold, Coal, Diamonds and Petroleum Gas.
These imports are crucial for meeting domestic demands and fueling various sectors of the economy, highlighting the interconnectedness of global trade.
The trade deficit with the United States was $45.7 billion in 2022. Understanding and managing trade imbalances are essential for sustainable economic growth and this deficit figure reflects India's trade relations.
Contribution to GDP
India's foreign trade accounted for 48.8% of its GDP in 2018. This statistic shows the integral role of trade in India's economic landscape emphasizing its importance as a driver of economic development.
The Indian government's initiatives like 'Make in India,' Digital India and Goods & Services Tax (GST) plays a important role in shaping the trade policies and creating a conducive environment for commerce.
2. Future Trends
As India continues to grow in the global economic stage using digital technologies while looking for new markets and doing sustainable practices are key elements in the future trajectory of India's trade landscape.
The following was the summary of annual trade of the year 2022 . If you wish to learn more about such trade related information then visit Siomex.