India's exports to FTA partners increased by 14.48%, imports from these countries increased by 37.97%
Import-Export: India has a 1.8 percent share in global trade. It ranks 17th worldwide in exports. On the import front, India ranks 8th with a 2.8 percent share in global trade.
India's exports to nations covered by free trade agreements (FTAs), such as South Korea, Australia, and the United Arab Emirates (UAE), rose by 14.48 percent to $122.72 billion in six years, from 2018–19 to 2023–24. India exported $107.20 billion to these nations in 2018–19. India's imports from FTA participating nations rose by 37.97 percent to $187.92 billion over this six-year period, according to the Global Trade Research Initiative (GTRI), an economic research institute. India imported goods worth $136.20 billion from these nations in 2018–19. This expansion is indicative of the broad and substantial influence that free trade agreements have had on the dynamics of international trade in India.
India has a 1.8 percent share in global trade. It ranks 17th worldwide in exports. On the import front, India ranks 8th with a 2.8 percent share in global trade. India's exports declined by 3.11 percent to $437.1 billion in 2023-24. Imports also fell by 5.4 percent to $677.2 billion.
According to the data, India exported $35.63 billion to the UAE in 2023-24. This figure is 18.25 percent more than $30.13 billion in 2018-19. During this period, India's imports from UAE increased by 61.21 percent from $29.79 billion to $48.02 billion. The FTA between the two countries came into force in May 2022. Similarly, between 2018-19 and 2023-24, there has been an increase in export-import after FTAs with Japan, Australia, the 10-nation Southeast Asian grouping ASEAN and South Korea.
