{"id":242770,"date":"2023-05-17T20:07:44","date_gmt":"2023-05-17T14:37:44","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=242770"},"modified":"2023-05-17T20:07:44","modified_gmt":"2023-05-17T14:37:44","slug":"tripping-trade-india-must-not-excessively-rely-on-a-few-large-markets","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/tripping-trade-india-must-not-excessively-rely-on-a-few-large-markets\/","title":{"rendered":"Tripping trade – India must not excessively rely on a few large markets"},"content":{"rendered":"\n

Source:\u00a0<\/strong>The post is based on the article\u00a0\u201cTripping trade – India must not excessively rely on a few large markets\u201d <\/strong>published in the Indian Express <\/strong>on\u00a017th\u00a0May 2023.<\/b><\/strong><\/p>\n

Syllabus<\/strong>: GS 3 \u2013 Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.<\/p>\n

Relevance<\/strong>: About the reduction in India’s imports and exports.<\/p>\n

News<\/strong>: This March exports had hit a nine-month high of nearly $42 billion while imports were $60 billion. But, goods exports declined to $34.6 billion in April, the lowest since last October. Imports in April shrank by a sharper 14% which is a 15-month low of under $50 billion.<\/p>\n

Note<\/strong>:\u00a0The new Foreign Trade Policy enunciated a two trillion-dollar export goal to be achieved in seven years.<\/em><\/p>\n

What are the various reasons for the reduction in India’s imports and exports?<\/h2>\n

a)<\/strong> Slowing global economy, b)<\/strong> Falling imports indicate a reduction in domestic demand, c)<\/strong> If imports of petroleum (down 14%), and gems and jewellery are down, then the associated value-added end products export will also come down, d)<\/strong> Other job creators such as textiles is also facing hardships.<\/p>\n

What is the status of global economies at present?<\/h2>\n

WTO forecasted a global trade growth hike (from 1% to 1.7%) for 2023. This might be because of China\u2019s opening up of the economy. However, the recent Chinese data have been disappointing regarding recovery momentum.<\/p>\n

European and North American markets are expected to speed up goods orders. But the services exports may not speed up.<\/p>\n

What India should do?<\/h2>\n

India must use this slack period to review its overall trade stance. India should a)<\/strong> assess its excessive reliance on a few large markets<\/strong>, and b)<\/strong> pursue greater integration<\/strong> with global value chains and multilateral trading arrangements.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source:\u00a0The post is based on the article\u00a0\u201cTripping trade – India must not excessively rely on a few large markets\u201d published in the Indian Express on\u00a017th\u00a0May 2023. Syllabus: GS 3 \u2013 Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. Relevance: About the reduction in India’s imports and exports. News: This… Continue reading Tripping trade – India must not excessively rely on a few large markets<\/span><\/a><\/p>\n","protected":false},"author":10311,"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-242770","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\/242770","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\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=242770"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/242770\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=242770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=242770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=242770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}