Shift In Indian Merchandise Foreign Trade 2012-13-coscoqd

Business India’s total merchandise trade has tripled from $252bn in the past half a decade since 2006 to $794 in 2012 which includes both exports and imports. According to a leading trade and investment publication by Exim Bank, Asia is considered a major export destination for India. Pharma products, transport equipment, machinery and readymade garments .prise the major exports of India. But the key export in the year 2012 were mainly petroleum products which alone generated USD56bn closely followed by gems and jewellery with $47bn contributing to an impressive export percentage increase of 51.6% against the 40.2% in 2001-02. In the latest available data provided by the Indian Governments Ministry of .merce and Industry covering April-September 2012, surprisingly US seems to have overtaken UAE which was by-far Indias biggest export market until 2012. Talking about the imports scenario there has been a gradual eastward shift due to re-structuring in global production facilities and supply chains resulting in UAE being one of the Indias top import sources after China followed by Switzerland and Saudi Arabia. To be specific about the import products crude petroleum is India’s biggest import with US Doller155bn spent on it in 2012. Imports of gold and silver collectively totaled to $62bn. Gold has been the second largest import .modity at USD53.8 billion in 2012-13 closely after crude petroleum imports at $169.3 bn. Recently India shifted most of its gold imports from South Africa and Australia to Switzerland with which it has the second highest trade deficit, at $28.8 billion in 2012-13, only after the $40.8 billion deficit with China. The reason for such a sudden change is the fact that countries like South Africa and Australia are only gold miners and not gold refiners unlike Switzerland. Japan has steadily risen as an importer because of a quick pick-up in the imports of machinery, transport equipment, and iron and steel. Apart from this pearls and precious stones are also top import items for the country. Owing to the recent global recession it does not .e as a surprise that India has seen a decline in imports from European countries like Germany, Italy, France and UK. The other major contributing factor to this downfall is the fact that these countries mostly supply either intermediary or finished products, but not raw materials therefore imports from such countries have be.e volatile and dependant on economic conditions. The share of imports from Singapore and South Korea has also seen declining curve on account of slack of imports of electronic items. About the Author: 相关的主题文章: