In the first half of 2023, India’s foreign trade value surpassed $800 billion. This period showcased both challenges and opportunities in the export and import sectors, reflecting the country's economic dynamics.
During this timeframe, India experienced a modest increase in exports of goods and services, rising by 1.5% to reach $385.4 billion compared to the same period in 2022. This growth indicates a resilient export sector amidst global economic uncertainties.
On the contrary, imports saw a decline of 5.9%, totaling $415.5 billion in the first six months of 2023, down from $441.7 billion last year. This reduction suggests a tightening of trade due to various global factors.
When examining goods specifically, the statistics reveal a standalone goods export decline of 8.1%, amounting to $218.7 billion. Similarly, goods imports contracted by 8.3%, reaching $325.7 billion. These figures highlight the challenges faced in the goods trading segment.
Conversely, the services sector showed robust growth, with exports rising by 17.7% to $166.7 billion. Services imports also increased by 3.7%, amounting to $89.8 billion. This growth underscores the vital role of services in India's trade landscape.
The healthy growth in the services segment significantly contributed to pushing India's total exports and imports beyond the $800 billion threshold. This trend showcases the potential of the services sector in bolstering trade performance.
Despite the overall increase in foreign trade value, there was a slight decline of 2.5% compared to the same period last year (January-June 2022). This decline reflects the ongoing global economic challenges affecting trade dynamics.
The insights and data presented were reported by the Global Trade Research Initiative (GTRI), providing a comprehensive analysis of India’s trade performance during this period.
Despite a slowdown in global demand, the growth in India's services segments played a crucial role in enhancing the country’s overall trade performance. This resilience is noteworthy in the context of a challenging global market.
Q1. What was the total foreign trade value of India in H1 2023?
Answer: India’s total foreign trade value in the first half of 2023 exceeded $800 billion, reflecting both exports and imports trends.
Q2. How did India's exports perform during this period?
Answer: Exports of goods and services increased by 1.5%, totaling $385.4 billion from January to June 2023 compared to the previous year.
Q3. What were the import statistics for India in H1 2023?
Answer: Imports declined by 5.9%, reaching $415.5 billion in the first six months, down from $441.7 billion the previous year.
Q4. How did the services segment impact India's trade performance?
Answer: The services segment significantly drove growth, with exports rising by 17.7%, which helped maintain overall trade performance despite global challenges.
Q5. What organization provided the trade data for India?
Answer: The information regarding India’s foreign trade performance was reported by the Global Trade Research Initiative (GTRI).
Question 1: What was the total foreign trade value of India in H1 2023?
A) $800 billion
B) $900 billion
C) $700 billion
D) $600 billion
Correct Answer: A
Question 2: How much did India's exports of goods and services increase by in H1 2023?
A) 1.5%
B) 2.5%
C) 3.5%
D) 0.5%
Correct Answer: A
Question 3: What was the percentage decrease in goods exports during H1 2023?
A) 6.1%
B) 8.1%
C) 10%
D) 5%
Correct Answer: B
Question 4: Which organization reported the trade performance of India for H1 2023?
A) IMF
B) GTRI
C) World Bank
D) RBI
Correct Answer: B
Question 5: How much did services exports rise in H1 2023?
A) 15.7%
B) 17.7%
C) 20%
D) 10%
Correct Answer: B
Question 6: What was the change in total imports for India in H1 2023?
A) Increase of 5.9%
B) Decrease of 5.9%
C) No change
D) Increase of 2%
Correct Answer: B
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