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PBME Volume I ISBN: 978-81-946245-3-0

TRENDS IN INDIA'S FOREIGN TRADE: EXPERIENCE OF THREE DECADES OF POST LIBERALISATION

Author(s): DR. RAVINDRA KUMAR SHARMA

Abstract

The pattern of India’s foreign trade has changed during the last three decades. India’s imports, however, have expended faster than the exports, therefore, Balance of Payment problems may make the economy vulnerable. The pattern of India’s foreign trade has changed considerably since the early 1990s. From the financial year 1990-91 to 2019-20 the total value of goods exports increased more than 18 times, from $ 18 billion to over $314 billion. During the same time span, goods imports increased almost 20 times, from $ 24 billion to more than $467 billion. India’s share in global exports have moved up from mere 0.6 per cent in early nineties to 1.6 per cent currently likewise, India’s share in global imports has increased from around 0.6 per cent during early nineties to 2.6 per cent currently. To become a $5 trillion economy, India must increase its share in global trade to 8-10 per cent. This chapter seeks to examine the export, import and trade balance structure of India in the past three decades. Accordingly, the chapter has been divided into three sections. Section I deals with the Introduction as well as Trends of export, import and trade balance structure with rate of change during last three decades. Section II examines the share and percentage change of major exports and imports in three decades, while conclusions and suggestions have been given in section III.

Keywords: foreign trade, balance of payment, exports and imports, trade balance

JEL Classification: F10, F13, F17, F60

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