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India’s Trade Deficit UPSC NOTE

 Why in News

India’s goods exports grew only for the second time in 2023-24 in October, albeit on a low base, rising 6.2% to $33.6 billion, but imports jumped to a record high of $65.03 billion, 12.3% over last year, fueled by higher gold inflows.

Why Increasing India’s trade deficit

  • India’s goods exports grew only for the second time in 2023-24 in October.

  •  its on a low base, rising 6.2% to $33.6 billion

  • But imports jumped to a record high of $65.03 billion, 12.3% over last year, fuelled by higher gold inflows.

  • Consequently, India’s monthly goods trade deficit widened to an all-time high of $31.46 billion, eclipsing the previous record of $29.23 billion in September 2022. 

  • October’s outbound shipments’ value was also the lowest since last November, and 2.5% below September’s.

  • October’s trade figures, with goods exports rising 6.2%, along with indications from the first week of November.

  • In 2022-23, India’s goods exports had crossed $450 billion

  • Between April and October this year, merchandise exports stand at nearly $245 billion, 7% below last year’s figure in the same period .

Major Importing items

  • India is a major importing country, with imports accounting for a significant portion of its total trade. 

  • In 2022, India's total merchandise imports amounted to USD 613 billion, making it the third-largest importer of goods in the world.

The major importing items in India are:

  • Crude petroleum: Crude petroleum is India's top import. 

accounting for around 20% of total imports in 2022. Inida produces only about 15% of its oil rquirements domestically.

  • Gold: Gold import accounting for around 8% of total imports in 2022. driven by strong demand for jewelry and investment purposes.

  • Coal: Coal import accounting for around 5% of total imports in 2022. India’s domestic production, which is not sufficient to meet its growing energy needs.

  • Diamonds: Diamonds accounting for around 5% of total imports in 2022

  • Petroleum products: Refined petroleum products accounting for around 6% of total imports in 2022

  • Electronics: India around 10% of total imports in 2022

  • Machinery: India imports 10% of total imports in 2022. Imports of machinery are driven by the need for modern equipment to support India's manufacturing and infrastructure development.

  • Chemical products: India imports a wide range of chemical products, including fertilizers, pharmaceuticals, and plastics, accounting for around 6% of total imports in 2022

  • Textiles: India imports a variety of textiles, including raw materials, yarns, and fabrics, accounting for around 4% of total imports in 2022. 

  • Transportation equipment: India imports a variety of transportation equipment, including automobiles, motorcycles, and aircraft, accounting for around 3% of total imports in 2022. 

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India’s Trade Deficit UPSC NOTE
India’s Trade Deficit UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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