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India's Imports From FTA Partners Surge 38% To USD 187.92 Bn In 5 Years: GTRI

Updated: May 13, 2024 04:44:47pm

India's Imports From FTA Partners Surge 38% To USD 187.92 Bn In 5 Years: GTRI

New Delhi, May 13 (KNN) India's imports of goods from some of the countries with which it has signed free trade agreements (FTAs) witnessed a significant surge of 38 per cent during the five-year period from 2019-20 to 2023-24, according to data from the Global Trade Research Initiative (GTRI), a think tank.

The total imports from FTA partners increased from USD 136.20 billion in 2019-20 to USD 187.92 billion in 2023-24, highlighting the substantial impact of these trade agreements on India's global trade dynamics.

On the other hand, India's exports to FTA partners rose at a slower pace of 14.48 per cent, increasing from USD 107.20 billion in 2018-19 to USD 122.72 billion in 2023-24.

The data revealed a substantial increase in imports from the United Arab Emirates (UAE), with which India signed an FTA that came into effect in May 2022.

Imports from the UAE surged by 61.21 per cent, from USD 29.79 billion in 2019-20 to USD 48.02 billion in 2023-24, while exports to the UAE grew by 18.25 per cent to USD 35.63 billion.

Similarly, imports from Australia, with which India implemented an interim trade pact in December 2022, grew by 23.06 per cent, from USD 13.13 billion to USD 16.16 billion in 2023-24.

India's exports to Australia more than doubled, reaching USD 7.94 billion in 2023-24, compared to USD 3.52 billion in 2018-19.

Imports from the ASEAN bloc increased by 34.3 per cent, from USD 59.32 billion to USD 79.67 billion, while exports to the region grew by around 10 per cent to USD 41.21 billion in 2023-24.

India's imports from South Korea, with which it has a comprehensive economic partnership agreement since 2011, rose by 26.12 per cent, from USD 16.76 billion to USD 21.14 billion, and exports increased by 36.38 per cent to USD 6.42 billion.

The data also highlighted India's trade performance globally, ranking 17th in exports with a 1.8 per cent share in world trade and 8th in imports with a 2.8 per cent share.

Ajay Srivastava, Co-founder, GTRI and a former Indian Trade Service officer with experience in trade policy making, WTO, and FTA negotiations, provided insights into the trade figures.

(KNN Bureau)


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