Hyderabad: Merchandise imports from countries with which India has free trade agreements (FTA), such as the UAE, South Korea, and Australia, increased by nearly 38 percent during the 2019-24 fiscal years, reaching $187.92 billion, according to the Global Trade Research Initiative (GTRI). In contrast, India’s exports to these FTA partners grew by 14.48 percent, rising to $122.72 billion in 2023-24 from $107.20 billion in 2018-19. The GTRI noted that this growth in imports highlights the significant and varied impact of free trade agreements on India’s global trade dynamics.
Specifically, India’s exports to the UAE increased by 18.25 percent to $35.63 billion in 2023-24, compared to $30.13 billion in 2018-19, while imports from the UAE surged by 61.21 percent, rising from $29.79 billion in FY2019 to $48.02 billion in the last fiscal year. Additionally, exports to Australia more than doubled to $7.94 billion in 2023-24 from $3.52 billion in 2018-19, with imports from Australia growing by 23.06 percent, from $13.13 billion to $16.16 billion in the same period.
Exports to the ASEAN 10-nation bloc increased by approximately 10 percent, reaching $41.21 billion in 2023-24 from $37.47 billion in FY-2019. Imports from ASEAN countries, however, rose by 34.3 percent, from $59.32 billion to $79.67 billion. Meanwhile, India’s exports to South Korea grew by 36.38 percent over the last five fiscal years, from $4.71 billion to $6.42 billion, while imports increased by 26.12 percent, from $16.76 billion to $21.14 billion.
Regarding trade with Japan, India’s exports saw a modest increase of 6.06 percent, from $4.86 billion in 2018-19 to $5.16 billion in 2023-24. Imports from Japan, however, grew by 38.56 percent, rising from $12.77 billion to $17.7 billion. Overall, India ranked 17th globally in exports, with a 1.8 percent share of world trade, while ranking 8th in imports, holding a 2.8 percent share of global trade.
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