According to the data released by the Indian commerce ministry currently, marginal 2.44% increase in exports and also lower imports of petroleum goods and gold in February significantly constricted India’s trade deficit to $9.6 billion.
Look at the Import and Export of India
This country’s merchandise exports rose to $26.67 billion in February from $26.3 in the year-ago month majorly on account of higher consignments in sectors like electronics, engineering, and pharmaceutical. If we look at the import status of India, declined by 5.4% to $36.26 billion in the last month, narrowing the trade deficit to $9.6 billion.
The gap among Import and Export of India was $12.3 billion in February 2018 and $14.73 billion in January 2019.
An Overview of Commodities Exported By India in 2017-2018
The first commodity that exported by India is led by Cultured or Natural Pearls, Precious or Semiprecious Stones. It is down to 14.10% in 2017-2018 as compared to the year 2016-2017 when it was recorded at 15.81%.
The second product is Mineral Fuels, Mineral Oils, Mineral Waxes, and Bituminous Substances. India doesn’t produce mineral fuels however it imports crude oil and export to all across the world. It is up by 11.78% in 2018 as compared to 11.76% in 2016-2017.
In the list, the third biggest exported product of India is Nuclear Reactors, Boilers, Mechanical, and Machinery Appliances. Nuclear Reactor has contributed 5.90% of entire export in 2017-2018. This ratio is almost 20% greater than the earlier year 2016-17 when its input was just 5.11%.
An Overview of Commodities Imported By India in 2017-2018
Mineral oils, Mineral Fuels, Mineral Waxes, and Bituminous Substances are the #1 in the list of India imports.
Second in the list of import is Cultured or Natural Pearls, Precious or Semiprecious Stone. It is not all imported for consumption but exported and polished by India as well. The rise in these goods is a good sign as it clearly indicates that export will boom and Indian workers will get work. This registered 25% development and import in India grow from 13.98% in 2016-17 to 16.28% in 2017-18.
The third product is related to Electrical Machinery and Equipment like Sound Recorders & Reproducers, television image, and sound recorders. This category has risen to 10.56% of the entire import bill as compared to 10.4% in the earlier year.
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Import Partners of India
Export Partner of India
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