An Analysis of Recent Trends in India's Foreign Trade: Estimating the Export and Import of Top Commodities and Their Impact on GDP

Dr. R. Ravikumar; Mr. S. Nagarchandru

An Analysis of Recent Trends in India's Foreign Trade: Estimating the Export and Import of Top Commodities and Their Impact on GDP

Authors: Dr. R. Ravikumar, Mr. S. Nagarchandru

Unique Paper ID: 181466
Volume: 12
Issue: 1
PageNo: 4059-4064

Keywords: Foreign trade Exports and Imports GDP Inflations and Economic performance

Abstract:
India's foreign trade has been a significant driver of economic growth, with steady progress in both exports and imports. Trade reforms post-independence and a focus on exports and imports have supported this growth. The COVID-19 pandemic temporarily disrupted trade, but efforts to revive exports have been evident in the post-pandemic period. In 2023-2024, India’s exports reached USD 778 billion and imports totalled USD 732.5 billion, ranking India as the 14th largest global exporter. The study analyses trade trends from 2014-2024, noting declines during demonetization and the pandemic, with a dip in 2023-2024 due to inflation, geopolitical tensions, and policy uncertainty. Despite these challenges, GDP growth remained resilient, stabilizing at 7.53%. Key exports include petroleum products, electronic goods, gems and jewellery, engineering goods, and pharmaceuticals, while major imports consist of petroleum, machinery, and gold. The study highlights the role of these sectors in shaping India’s economic performance and trade dynamics.

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Cite This Article

ISSN: 2349-6002
Volume: 12
Issue: 1
PageNo: 4059-4064

An Analysis of Recent Trends in India's Foreign Trade: Estimating the Export and Import of Top Commodities and Their Impact on GDP

Available:https://ijirt.org/Article?manuscript=181466

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Impact Factor
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UGC Approved
Journal no 47859

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