India’s Foreign Trade [NDA Preparation 2019]
NDA Preparation 2019 – NDA 1 2019 written exam will be conducted on 21st April 2019. As we all know, current affairs related to this exam will be asked from the past current happenings of the year 2018-19. This topic of India’s Foreign Trade has been asked multiple times in NDA. So here is the India’s Foreign Trade of January 2019 which will be helpful for NDA Preparation 2019.
India’s Foreign Trade in January 2019 | NDA Preparation
Table of Contents
India is known as a standout amongst the most critical players in the worldwide monetary scene. Its exchange approaches, government changes and innate financial qualities have ascribed to its remaining as a standout amongst the most looked for after goals for remote interests on the planet.
India’s overall exports (Merchandise and Services combined) in April-January 2018-19 are estimated to be USD 439.98 Billion, exhibiting a positive growth of 9.07 per cent over the same period last year.
Overall imports in April-January 2018-19 are estimated to be USD 530.55Billion, exhibiting a positive growth of 10.74per cent over the same period last year.
External Sector | NDA Preparation 2019
- In November 2018, India and Iran had signed a bilateral agreement to settle oil trades in Indian currency through public sector bank United Commercial Bank (UCO) Bank.
- In June 2018, a Memorandum of Understanding (MoU) was signed between the Governments of India and China to export non-basmati rice to China. As of October 2018, total 24 mills got clearance to export the same.
- Bilateral trade between India and China reached US$ 84.44 billion in 2017 with 40 per cent increase in Indian exports to China.
- In August 2018, US upgraded India’s status as a trading partner on par with its North Atlantic Treaty Organization (Nato) allies.
- India’s external sector has a bright future as global trade is expected to grow at 4 per cent in 2018 from 2.4 per cent in 2016.
- Bilateral trade between India and Ghana is rising exponentially and is expected to grow from US$ 3 billion to US$ 5 billion over the coming three years, stated Mr Aaron Mike Oquaye Junior, Ghana’s Ambassador to India.
- India has revised its proposal on trade facilitation for services (TFS) at the World Trade Organisation (WTO) and has issued a new draft, with the contents being more meaningful and acceptable to other member countries.
- The Union Cabinet, Government of India, has approved the proposed Memorandum of Understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM).
- The Goods and Services Network (GSTN) has signed a memorandum of understanding (MoU) with Mr Ajay K Bhalla, Director General of Foreign Trade (DGFT), to share realised foreign exchange and import-export code data, process export transactions of taxpayers under goods and services tax (GST) more efficiently, increase transparency and reduce human interface.
- In March 2017, the Union Cabinet approved the signing of the customs convention on the international transport of goods, Transports Internationaux Routiers (TIR) making India the 71st signatory to the treaty, which will enable the movement of goods throughout these countries in Asia and Europe and will allow the country to take full benefit of the International North South Transportation Corridor (INSTC).
- Mr Richard Verma, the United States Ambassador to India, has verified that India-US relations across trade, defence and social ties will be among the top priorities of the newly elected US President Mr Donald Trump’s administration.
Foreign Trade Policy | NDA Preparation 2019
- In the Mid-Term Review of the Foreign Trade Policy (FTP) 2015-20 the Ministry of Commerce and Industry has enhanced the scope of Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS), increased MEIS incentive raised for ready-made garments and made- ups by 2 per cent, raised SEIS incentive by 2 per cent and increased the validity of Duty Credit Scrips from 18 months to 24 months.
- As of December 2018, Government of India is planning to set up trade promotion bodies in 15 countries to boost exports from Small and Medium Enterprises (SME) in India.
- In September 2018, Government of India increased the duty incentives for 28 milk items under the Merchandise Export from India Scheme (MEIS).
- All export and import-related activities are governed by the Foreign Trade Policy (FTP), which is aimed at enhancing the country’s exports and use trade expansion as an effective instrument of economic growth and employment generation.
- The Department of Commerce has announced increased support for export of various products and included some additional items under the Merchandise Exports from India Scheme (MEIS) in order to help exporters to overcome the challenges faced by them.
- The Central Board of Excise and Customs (CBEC) has developed an ‘integrated declaration’ process leading to the creation of a single window which will provide the importers and exporters a single point interface for customs clearance of import and export goods.
- As part of the FTP strategy of market expansion, India has signed a Comprehensive Economic Partnership Agreement with South Korea which will provide enhanced market access to Indian exports. These trade agreements are in line with India’s Look East Policy. To upgrade export sector infrastructure, ‘Towns of Export Excellence’ and units located therein will be granted additional focused support and incentives.
- RBI has simplified the rules for credit to exporters, through which they can now get long-term advance from banks for up to 10 years to service their contracts. This measure will help exporters get into long-term contracts while aiding the overall export performance.
- The Government of India is expected to announce an interest subsidy scheme for exporters in order to boost exports and explore new markets.
Merchandise Trade | NDA Preparation 2019
Exports (including re-exports) | NDA Preparation 2019
- Exports in January 2019 were US $ 26.36 Billion, as compared to US $ 25.41 Billion in January 2018, exhibiting a positive growth of 3.74 per cent.
- In Rupee terms, exports were Rs. 1,86,453.23 Crore in January 2019, as compared to Rs. 1,61,697.38 Crore in January 2018, registering a positive growth of 15.31 per cent.
- Non-petroleum and Non Gems and Jewellery exports in April-January 2018-19 were US $ 197.56 Billion, as compared to US $ 183.05 Billion for the corresponding period in 2017-18, an increase of 7.92 per cent.
Imports | NDA Preparation 2019
- Imports in January 2019 were US $ 41.09 Billion (Rs. 2,90,611.86 Crore), which was 0.01 per cent higher in Dollar terms and 11.16 per cent higher in Rupee terms over imports of US $ 41.08 Billion (Rs.2,61,441.48 Crore) in January 2018.
- Cumulative value of imports for the period April-January 2018-19 was US $ 427.73 Billion (Rs.29,87,918.68 Crore), as against US $ 384.42 Billion (Rs.24,75,812.40 Crore) during the period April-January 2017-18, registering a positive growth of 11.27 per cent in Dollar terms (20.68 per cent in Rupee terms).
- Major commodity groups of import showing negative growth in January 2019 over the corresponding month of last year are:
Crude Oil and Non – Oil Imports | NDA Preparation 2019
- Oil imports in January 2019 were US $ 11.24 Billion (Rs. 79,508.06 Crore), which was 3.59 percent lower in Dollar terms (7.16 percent higher in Rupee terms), compared to US $ 11.66 Billion (Rs. 74,195.96 Crore) in January 2018.
- Oil imports in April-January 2018-19 were US $ 119.34 Billion (Rs. 8,34,763.84 Crore) which was 36.65 per cent higher in Dollar terms (48.45 percent higher in Rupee terms) compared to US $ 87.33 Billion (Rs. 562,321.87 Crore), over the same period last year.
- Non-oil imports in January 2019 were estimated at US $ 29.85 Billion (Rs.2,11,103.80 Crore) which was 1.43 per cent higher in Dollar terms (12.74 percent higher in Rupee terms), compared to US $ 29.42 Billion (Rs. 187,245.52 Crore) in January 2018.
- Non-oil imports in April-January 2018-19 were US $ 308.39 Billion (Rs.21,53,154.84 Crore) which was 3.80 per cent higher in Dollar terms (12.52 percent higher in Rupee terms), compared to US $ 297.09 Billion (Rs. 19,13,490.53 Crore) in April – January 2017-18.
- Non-Oil and Non-Gold imports were US $ 27.53 billion in January 2019, recording a negative growth of 0.78 per cent, as compared to Non-Oil and Non-Gold imports in January 2018.
- Non-Oil and Non-Gold imports were US $ 281.42 billion in April – January 2018-19, recording a positive growth of 4.69 per cent, as compared to Non – Oil and Non – Gold imports in April-January 2017-18.
We hope that this article should’ve provided you with great details about India’s Foreign Trade.
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