Explain the recent trends in India’s exports.
Export trade refers to the sale of goods and services by one country to another. In other words, it is the outflow of goods from a home country to a foreign country.
The recent trends in India’s exports are as follows:
- Engineering goods: According to the Engineering Goods Export Promotion Council (EGEPC) Report, the share of engineering goods was 25% in India’s total exports in 2017-18. Within this category, some of the prominent exported items are transport equipment including automobiles and auto components, machinery, and instruments. During the period 2010-11 to 2014-15, exports of transport equipment have grown from 16 billion dollars to 24.8 billion dollars.
- Petroleum products: India’s petroleum capacity increased significantly since 2001-02, due to which India turned as a net exporter of petroleum refinery products. Petroleum products had a share of 4.3% in India’s total exports in 2000-01, which rose steadily to 20.1% in 2013-14.
- Chemicals and chemical products: An important export item that has performed reasonably well over the last few years is chemicals and chemical products. The share of this item was 10.4% in 2014-15.
- Gems and Jewellery: Gems and jewellery are one of the major contributors to export earnings in India, having a share of 13.3% in India’s merchandise export in 2014-15.
- Textiles and readymade garments: India is one of the leading exporting countries of textiles and readymade garments in the world. The share of textiles and garments in total exports of the country was 11.3% in 2014-15.