India’s imports from FTA companions up 38% throughout 2019-24 fiscal years: GTRI

India’s imports of products from international locations with which it has a free commerce settlement just like the UAE, South Korea and Australia grew about 38 per cent throughout 2019-24 fiscal years to $187.92 billion, in keeping with suppose tank GTRI.

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However, the nation’s exports to the FTA (free commerce settlement) companions rose 14.48 per cent to $122.72 billion in 2023-24, from $107.20 billion in 2018-19.

“From FY’2019 to FY’2024, India’s imports elevated by 37.97 per cent, from $136.20 billion to $187.92 billion. This development highlights the numerous and diverse affect of free commerce agreements on India’s international commerce dynamics,” the International Commerce Analysis Initiative knowledge confirmed.

In line with the information, India’s exports to the UAE elevated by 18.25 per cent to $35.63 billion in 2023-24 as in opposition to $30.13 billion in 2018-19, whereas imports surged 61.21 per cent, from $29.79 billion in FY2019 to $48.02 billion within the final fiscal.

The FTA between India and the UAE got here into impact in Could, 2022.

Equally, the nation’s exports to Australia, with which the interim commerce pact got here into power in December, 2022, greater than doubled to $7.94 billion in 2023-24 from $3.52 billion in 2018-19.

Imports from Australia grew 23.06 per cent from $13.13 billion to $16.16 billion within the final fiscal.

Exports to 10-nation southeast Asian bloc ASEAN, elevated by about 10 per cent to $41.21 billion within the final fiscal from $37.47 billion in FY-2019. Imports jumped by 34.3 per cent from $59.32 billion to $79.67 billion.

The info confirmed that India’s outbound shipments to South Korea rose by 36.38 per cent over the past 5 fiscal years from $4.71 billion to $6.42 billion and imports elevated by 26.12 per cent from $16.76 billion to $21.14 billion.

India and South Korea’s complete financial partnership settlement got here into power in 2011.

Exports to Japan confirmed a modest improve of 6.06 per cent, from $4.86 billion in 2018-19 to $5.16 billion in 2023-24, whereas imports rose by 38.56 per cent from $12.77 billion to $17.70 billion. India-Japan FTA was applied in 2011.

Total, India ranked seventeenth globally in exports, with a 1.8 per cent share in world commerce. On the import entrance, the nation is ranked eighth, holding a 2.8 per cent share in international commerce.

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India’s merchandise exports in 2023-24 fell 3.11 per cent to $437.1 billion, whereas imports declined by 5.4 per cent to $677.2 billion within the final fiscal.

Ajay Srivastava is the co-founder of GTRI. He took VRS from Authorities of India in March, 2022. He was an Indian Commerce Service officer with expertise in commerce coverage making, WTO and FTA negotiations.