{"id":158994,"date":"2022-01-06T20:31:33","date_gmt":"2022-01-06T15:01:33","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=158994"},"modified":"2022-01-06T20:31:33","modified_gmt":"2022-01-06T15:01:33","slug":"gains-from-trade","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/gains-from-trade\/","title":{"rendered":"Gains from trade"},"content":{"rendered":"\n

News: <\/span><\/b>Preliminary data from Ministry of commerce and Industry shows an <\/span>increase in exports and imports over the pre-pandemic level.<\/span><\/b>\u00a0<\/span><\/p>\n

What are the indications of a positive momentum in India\u2019s export and imports?<\/span><\/b>\u00a0<\/span><\/h5>\n

Exports<\/b><\/span>: <\/span>\u00a0<\/span><\/p>\n

–<\/strong> Merchandise exports rose to $37.3 billion in December 2021, recording a <\/span>growth of 37% over last year<\/span><\/b>, and a similar increase over the pre-pandemic levels<\/span>\u00a0<\/span><\/p>\n

–<\/strong> The mark of exports worth <\/span>$300 billion<\/span><\/b> has been achieved in the first nine months alone,<\/span><\/b> which was the amount of exports trade for the whole year in 2019 (Pre pandemic).<\/em><\/span>\u00a0<\/span><\/p>\n

–<\/strong> Increase of <\/span>almost 25% over the pre-pandemic levels in exports<\/span><\/b>. This growth is observed <\/span>across product categories<\/span><\/b> from engineering and electronic goods to textiles<\/span>.<\/span>\u00a0<\/span><\/p>\n

Imports<\/b><\/span>:<\/span>\u00a0<\/span><\/p>\n

–<\/strong> Imports have <\/span>risen by almost 22% over the 2019 levels<\/span><\/b>, leading to a widening of the trade deficit.<\/span>\u00a0<\/span>The surge in imports was led by <\/span>electronic goods, machinery and chemicals<\/span><\/b>, which suggests a broad-basing of demand.<\/span>\u00a0<\/span><\/p>\n

How is the global trade scenario currently like?<\/span><\/b>\u00a0<\/span><\/h5>\n

According to a report by UNCTAD, the <\/span>value of global trade in goods is about 15% higher than before Covid struck<\/span><\/b>, <\/span>\u00a0<\/span><\/p>\n

–<\/strong> Trade in services is yet to recover to earlier levels.<\/span> \u00a0<\/span><\/p>\n

–<\/strong> This means that the global trade has surpassed its pre-pandemic levels.<\/span> \u00a0<\/span>\u00a0<\/span><\/p>\n

What are the current government policies to promote India\u2019s share in global trade?<\/span><\/b>\u00a0<\/span><\/h5>\n

– Trade agreements with the EU, Australia, UK and UAE,<\/span><\/b> among others, are being worked upon with greater urgency.<\/span>\u00a0<\/span><\/p>\n

–<\/strong> Government is also focussing on<\/span> gaining access to markets for textile products<\/span><\/b> through free trade agreements.<\/span>\u00a0<\/span><\/p>\n

–<\/strong> The upcoming <\/span>Union budget<\/span><\/b> is also expected to focus more heavily on <\/span>trade-related packages.<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n

What is the way forward?<\/span><\/b>\u00a0<\/span><\/h5>\n

Govt should try to build on this momentum, which will help India <\/span>to increase its share in global trade. <\/span><\/b>This can be done if it reorients its <\/span>broader trade policy.<\/span><\/b>\u00a0<\/span><\/p>\n

Govt should further seek greater integration with <\/span>global supply chains.<\/span><\/b> This can be done by forging <\/span>FTAs,<\/span><\/b> moving away from <\/span>protectionism<\/span><\/b>, <\/span>bringing down tariffs<\/span><\/b>, and pushing for reforms that boost <\/span>export competitiveness.<\/span><\/b>\u00a0<\/span><\/p>\n

Source:<\/span><\/b> This post is based on the article \u201c<\/span>Gains from trade\u201d\u00a0<\/span><\/b>published in\u00a0The Indian express<\/strong>\u00a0on<\/span> 6<\/span><\/b>th<\/span><\/b><\/sup> Jan 2022<\/span><\/b>.\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

News: Preliminary data from Ministry of commerce and Industry shows an increase in exports and imports over the pre-pandemic level.\u00a0 What are the indications of a positive momentum in India\u2019s export and imports?\u00a0 Exports: \u00a0 – Merchandise exports rose to $37.3 billion in December 2021, recording a growth of 37% over last year, and a… Continue reading Gains from trade<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10500],"class_list":["post-158994","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/158994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=158994"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/158994\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=158994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=158994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=158994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}