Indias product trade crossed the $1-trillion mark in fiscal year 2022 with the share of exports at $450 billion and imports at $723 billion.
This comes amid growing unpredictability on the external front.
Outbound shipments grew 13.7 percent year-on-year (YoY) in 2022, while imports rose by 21 per cent, commerce and market ministrys information showed.
Exports witnessed a robust double-digit development in the variety of 34-20 percent during the first 6 months of the year.
Thereafter, the development began being up to single digits July onwards, closing the year at a 12 percent contraction.
This comes as recession worries in developed economies weighed on exports from India.
The sustained growth in exports can be credited to the bottled-up demand aspect due to the opening of a lot of established economies in 2021, with the easing of Covid restrictions.
India saw a significant jump in exports to developed markets such as the US, Singapore, Hong Kong and European countries such as the Netherlands, the UK, Belgium and Germany, among others.
Before this, over the last years, merchandise exports from India hovered around $260-330 billion, with the greatest being $330 billion in fiscal year 2018-19.
Around this time, a substantial amount of goods were being exported to neighbouring nations, mainly the ASEAN nations.
According to a report published by Global Trade Research Initiative (GTRI), the $1 trillion overall merchandise trade has been accomplished despite dismal conditions worldwide.
This also prepares us for a tough year ahead as GDP (gross domestic product) growth in significant economies decreases to less than 3 per cent in 2023, said the report, authored by former Indian Trade Service officer Ajay Srivastava.
Of the overall product imports of $723 billion in 2022, two-thirds comprised 5 items-- petroleum ($270 billion), coal ($80 billion), gold and diamond ($80 billion), electronic devices ($72 billion) and equipment ($55 billion), the report stated.
On the other hand, exports have actually been dominated by engineering products, gems and jewellery, drugs and pharmaceuticals along with electronic items.
Installing geopolitical turmoil due to the Russia-Ukraine conflict, high inflation and monetary policy tightening up in developed economies have actually led to recessionary patterns in the United States and Europe.
In 2015, the World Trade Organization (WTO) projected 3 percent growth in volume of international merchandise sell 2022 compared to 9.8 per cent development in 2021.