Merchandise Exports

The share of BRICS+ grouping in global merchandise exports can overtake the G7 bloc by 2026, EY India said on Wednesday. The October edition of EY Economy Watch reveals a significant shift in global trade dynamics, with the BRICS+ group rapidly increasing its share in merchandise exports and imports. From 2000 to 2023, the BRICS+ group's share of global merchandise exports has risen from 10.7 per cent to 23.3 per cent, marking an impressive increase of 12.6 percentage points. In contrast, the G7's share has seen a notable decline, dropping from 45.1 per cent to 28.9 per cent. Meanwhile, the rest of the world has maintained a relatively stable share, increasing slightly from 44.2 per cent to 47.9 per cent. G7 is a grouping of advanced economies -- the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. This trend highlights the growing prominence of the BRICS+ group in the global trade arena, suggesting a potential shift towards a multipolar global economi

After witnessing a 3 per cent contraction in the financial year 2023-24, outbound shipments from India saw positive growth in the three consecutive months

Apparel, footwear and gems & jewellery sectors set to post better results

The share of the US in India's total exports continuously declined from a high of 21.7 per cent in 1998-99 to a low of 10.1 per cent in 2010-11

The Export-Import Bank of India on Thursday said India's merchandise exports would grow by 12.3 per cent year-on-year to USD 116.7 billion in the April-June quarter this fiscal. "These positive growth rates are expected to be witnessed in continuation of the positive growth witnessed during the last two quarters of the previous financial year," India Exim Bank said in a statement. The positive growth in India's exports could be the result of the country's GDP growth fundamentals and outlook, and sustained momentum in the manufacturing and services sector, it added. "Export-Import Bank of India forecasts India's total merchandise exports to amount to USD 116.7 billion, witnessing a y-o-y growth of 12.3 per cent," it said. It added that the growth in exports is expected to continue to witness a positive momentum in the forthcoming quarters. However, it cautioned that the outlook is subject to risks of uncertain prospects for advanced economies, geopolitical shocks, and the Middle Ea

India's merchandise exports in value terms are expected to contract by 1-1.5 per cent in 2023-24 after two consecutive years of growth

Merchandise exports grew at fastest pace in 20 months at 11.9% in Feb

Export growth in February was led by electronics, meat, dairy and poultry, chemicals, drugs and pharmaceuticals, and engineering goods

India's merchandise exports are likely to moderate to USD 435.3 billion in FY24 against 447.46 billion in FY23, the Exim Bank said on Wednesday. The merchandise exports are set to grow by nearly 3 per cent to USD 118.2 billion in the March quarter compared to the same period a year ago. It can be noted that the merchandise exports declined for the first two quarters of the ongoing 2023-24. In its quarterly study on the overall exports, the policy bank said the non-oil exports will grow 4.55 per cent to USD 95 billion in the January-March 2024 quarter. "Positive growth in India's exports could be as a result of India's strong GDP growth fundamentals and outlook and expected global easing of monetary tightening spurring global demand," the bank said in the report. The oil exports are likely to remain subdued during the year, contracting by USD 12.5 billion compared to FY23, the bank said. The outlook is subject to risks of uncertain prospects for advanced economies, geopolitical sh

Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to USD 2 trillion by 2030, an industry chamber report said on Thursday. The PHDCCI's report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments. "The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports," it said. The report - India's Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030. - added that India's service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa,

The commerce ministry says that with the launch of this new system, the number of status holders will go up from 12,518 to about 20,000

Outbound shipments fall 2.6%; imports decline 15%

A committee under the transport commissioner has been constituted to evaluate private investment proposals for the setting up of the logistics network

The scheme has now been extended until 30 June at the same rates for the existing export items

It was at 20 per cent in 2022 compared to 5 per cent in 1992. They also account for a quarter of the world's economy

The trade deficit narrowed to $20.67 billion in July from $25.45 billion a year ago but widened from $18.76 billion in June

Merchandise exports in July stood at $32.25 billion, down from $32.87 billion in June and $38.34 billion in July 2022

India is ranked 7th in the list of services exporters with exports of $309 billion and 4.4 per cent of global services trade share

Between FY12 and FY23, the US share in India's import basket rose from 4.8 per cent to 7 per cent

Imports decline 6.6% in May