The United States is the largest importer of goods in the world, importing goods worth roughly $3.3 trillion in 2024, according to the US Census Bureau. Let's see the list of the top 5 countries that are the largest exporters of goods to the US in 2024.

The United States is the largest importer of goods in the world, importing goods worth roughly $3.3 trillion in 2024, according to the US Census Bureau. Let's see the list of the top 5 countries that are the largest exporters of goods to the US in 2024.

Not India! These 5 countries dominate US imports – Check the list here

Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI.

Data from the Global Trade Research Initiative (GTRI) showed&nbsp;that from January to June of this year, exports of goods and services increased by 1.5 per cent to $385.4 billion in comparison to $379.5 billion in January to June of 2022.

However, compared to the same period last year, imports decreased by 5.9 per cent to $415.5 billion, from $441.7 billion.

“India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022),” the report said.

Separately, exports of products fell by 8.1 per cent to $218.7 billion, while imports fell by 8.3 per cent to $325.7 billion.

In contrast, over the six-month period, exports of services increased by 17.7 per cent to $166.7 billion, while imports increased by 3.7 per cent to $89.8 billion.

“Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors. The decline in merchandise exports happened despite appreciating INR (Indian Rupee). INR/USD exchange rate appreciated from 76.16 in April 2022 to 82.18 in Apr 2023,” GTRI Co-founder Ajay Srivastava told PTI.

He noted that a number of issues, including as the ongoing conflict in Ukraine, high inflation, tighter monetary policy, and financial unpredictability, contribute to the poor forecast for global commerce in 2023.

But he also mentioned that these factors will soon be overshadowed by a spate of new subsidies and protectionist measures by the EU and USA. He cited an example saying that&nbsp;in the first seven months of 2023 alone, the EU has introduced five regulations on climate change and trade, each of these are essentially measures to curb imports.&nbsp;

He added that given that every major nation is shifting its attention inward, India should not give up its policy space, particularly when it comes to fresh concerns with FTAs (free trade agreements) and the Indo-Pacific Economic Framework for Prosperity (IPEF).

(With inputs from agencies)

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Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI.

Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI. Data from the Global Trade Research Initiative (GTRI) showed that from January to June of this year, exports of goods and services increased by 1.5 per cent to $385.4 billion in comparison to $379.5 billion in January to June of 2022. However, compared to the same period last year, imports decreased by 5.9 per cent to $415.5 billion, from $441.7 billion. “India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022),” the report said. Separately, exports of products fell by 8.1 per cent to $218.7 billion, while imports fell by 8.3 per cent to $325.7 billion. In contrast, over the six-month period, exports of services increased by 17.7 per cent to $166.7 billion, while imports increased by 3.7 per cent to $89.8 billion. “Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors. The decline in merchandise exports happened despite appreciating INR (Indian Rupee). INR/USD exchange rate appreciated from 76.16 in April 2022 to 82.18 in Apr 2023,” GTRI Co-founder Ajay Srivastava told PTI. He noted that a number of issues, including as the ongoing conflict in Ukraine, high inflation, tighter monetary policy, and financial unpredictability, contribute to the poor forecast for global commerce in 2023. But he also mentioned that these factors will soon be overshadowed by a spate of new subsidies and protectionist measures by the EU and USA. He cited an example saying that in the first seven months of 2023 alone, the EU has introduced five regulations on climate change and trade, each of these are essentially measures to curb imports. He added that given that every major nation is shifting its attention inward, India should not give up its policy space, particularly when it comes to fresh concerns with FTAs (free trade agreements) and the Indo-Pacific Economic Framework for Prosperity (IPEF). (With inputs from agencies) WATCH WION LIVE HERE

India’s foreign trade surpasses $800 billion: Think tank GTRI 

The Indian government unveiled its Foreign Trade Policy 2023 which seeks to boost merchandise and services exports by $ 2 trillion by 2030 from the current level of $765 billion, make Indian currency global and push for e-commerce exports.

Commerce minister Piyush Goel, who put forth India’s ambitious goal to become an exports powerhouse, on Friday said that the country is on course to achieve its exports target by 2030.

"We have to meet our exports targets going forward. We will achieve $2 trillion in exports by 2030, but it should not be that merchandise exports are outperformed by services exports," the minister said.

Director General of Foreign Trade (DGFT) Santosh Sarangi, who was present alongside the minister during a media interaction, said that India is likely to cross $765 billion merchandise and services exports in the financial year 2022-23, which ends on Friday. In 2021-22, the total exports were USD 676 billion.

The main aim of the FTP 2023 is to move away from 'incentive to remission' based regime; encourage collaboration between exporters, states, districts and Indian Missions; reduce transaction cost; and develop more export hubs, the minister said.

The FTP 2023 has been touted to be a dynamic and responsive trade policy without any end date, unlike the previous practice of launching five-year FTPs.

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"We have ensured there is no end date to this policy, it will be updated from time to time," said DGFT Santosh Sarangi said.

Moreover, the FTP 2023 seeks to make the Indian Rupee the global currency in settling international trade payments.

"If there are countries where there is currency failure or dollar shortage, we are willing to trade in the rupee with them," said Commerce Secretary Sunil Barthwal.

He also stressed that Indian exporters will have to become globally competitive and need not depend on subsidies.

The policy specifically extends FTP benefits to e-commerce exports which are estimated to grow to $200-300 billion by 2030.

To streamline e-commerce export facilitation, guidelines are being formulated in consultation with other ministries. 
 
&nbsp;

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The Indian government unveiled its Foreign Trade Policy 2023 which seeks to boost merchandise and services exports by $ 2 trillion by 2030 from the current level of $765 billion, make Indian currency global and push for e-commerce exports.

The Indian government unveiled its Foreign Trade Policy 2023 which seeks to boost merchandise and services exports by $ 2 trillion by 2030 from the current level of $765 billion, make Indian currency global and push for e-commerce exports. Commerce minister Piyush Goel, who put forth India’s ambitious goal to become an exports powerhouse, on Friday said that the country is on course to achieve its exports target by 2030. "We have to meet our exports targets going forward. We will achieve $2 trillion in exports by 2030, but it should not be that merchandise exports are outperformed by services exports," the minister said. Director General of Foreign Trade (DGFT) Santosh Sarangi, who was present alongside the minister during a media interaction, said that India is likely to cross $765 billion merchandise and services exports in the financial year 2022-23, which ends on Friday. In 2021-22, the total exports were USD 676 billion. The main aim of the FTP 2023 is to move away from 'incentive to remission' based regime; encourage collaboration between exporters, states, districts and Indian Missions; reduce transaction cost; and develop more export hubs, the minister said. The FTP 2023 has been touted to be a dynamic and responsive trade policy without any end date, unlike the previous practice of launching five-year FTPs. Is India already on course to have hypersonic missiles? | Wion Game Plan "We have ensured there is no end date to this policy, it will be updated from time to time," said DGFT Santosh Sarangi said. Moreover, the FTP 2023 seeks to make the Indian Rupee the global currency in settling international trade payments. "If there are countries where there is currency failure or dollar shortage, we are willing to trade in the rupee with them," said Commerce Secretary Sunil Barthwal. He also stressed that Indian exporters will have to become globally competitive and need not depend on subsidies. The policy specifically extends FTP benefits to e-commerce exports which are estimated to grow to $200-300 billion by 2030. To streamline e-commerce export facilitation, guidelines are being formulated in consultation with other ministries. WATCH WION LIVE HERE

By 2023, $2 trillion exports, payments in rupee: India unveils ‘dynamic’ Foreign Trade Policy

Prime Minister of Mauritius Pravind Kumar Jugnauth, on Tuesday, while speaking at an event to commemorate the relations between India and Mauritius expressed gratitude to New Delhi for their continued support and unwavering commitment to making CECPA a reality. Notably, this is one of the first such agreements that India has signed with an African country.&nbsp;

The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) is a trade agreement between India and Mauritius. 
 
“The CECPA forms a part of a broader strategy between the Governments to broaden our economic horizons and plays an integral part in facilitating cross-border trade and investment,” said PM Jugnauth, at an event celebrating the 75th anniversary of establishing diplomatic ties between India and Mauritius.&nbsp;

According to the local media, he also expressed gratitude to the Government of India and Prime Minister Narendra Modi for the realisation of CECPA and said, “India has been a partner and friend like no other to Mauritius.” PM Jugnauth said that the event further highlights the long-lasting friendship and deep-rooted ties shared by the people of both countries.&nbsp;

The agreement came into force on April 1, 2021, and focuses predominantly on trade between the two countries besides including&nbsp;sanitary and phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in other areas, stated a press release by the Indian ministry of commerce and industry.&nbsp;

PM Jugnauth also went on to highlight New Delhi’s technical, financial and diplomatic support, citing the completion of recent projects like the Metro Express, the new Supreme Court, and the new ENT hospital. 
 
“Government is investing massively in the upgrading of infrastructure to make sure businesses operate in the best environment as well as pave the way to the sustainable, intensive, and modern economy,” said the island nation’s PM, according to local media.&nbsp;

The foreign affairs minister of Mauritius, Alan Ganoo, echoed a similar sentiment describing India as a staunch supporter of Mauritius. He said that they have benefitted from New Delhi’s support and called CECPA a pivotal milestone, “Indian investors can use Mauritius as a gateway for production and subsequent exports to African market” Ganoo added. Notably, Mauritius has duty-free access to the 650 million consumer market which the foreign minister attributed to the country’s membership in COMESA and SADC.&nbsp; 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-signs-fta-with-mauritius-extends-100-million-defence-line-of-credit-365504">India signs FTA with Mauritius, extends $100 million defence line of credit</a>

Meanwhile, Mauritius also benefits from preferential market access into India for the island nation’s 615 products, including frozen fish, speciality sugar, biscuits, fresh fruits, juices, mineral water, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel, said India’s commerce ministry in their statement. 
 
On the other hand, the pact cover 310 export items from India such as food and beverages, agricultural products, textile and textile articles, base materials, electronic items and electricals, plastics and chemicals and wood.&nbsp;

The aforementioned event was attended by the High Commissioner of India, K Nandini Singla, who also reiterated CECPA’s benefits in enhancing the well-being of people from both countries. “The CECPA holds tremendous potential to boost bilateral trade and is an ideal platform to explore new opportunities in Africa,” said Singla. India has always been one of Mauritius’ top three trading partners since its independence, while Mauritius has been among the top three sources of FDI into India, indicated the high commissioner.&nbsp;

“We look forward to Mauritius continuing to be a cherished partner in our growth story”, Singla concluded. The event also saw the launch of a booklet penned by the Economic Development Board (EDB) titled, “Mauritius-India: A guide to Business Development”, reported the local media.&nbsp;

(with inputs from agencies) 
&nbsp;

Prime Minister of Mauritius Pravind Kumar Jugnauth, on Tuesday, while speaking at an event to commemorate the relations between India and Mauritius expressed gratitude to New Delhi for their continued support and unwavering commitment to making CECPA a reality.

Prime Minister of Mauritius Pravind Kumar Jugnauth, on Tuesday, while speaking at an event to commemorate the relations between India and Mauritius expressed gratitude to New Delhi for their continued support and unwavering commitment to making CECPA a reality. Notably, this is one of the first such agreements that India has signed with an African country. The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) is a trade agreement between India and Mauritius. “The CECPA forms a part of a broader strategy between the Governments to broaden our economic horizons and plays an integral part in facilitating cross-border trade and investment,” said PM Jugnauth, at an event celebrating the 75th anniversary of establishing diplomatic ties between India and Mauritius. According to the local media, he also expressed gratitude to the Government of India and Prime Minister Narendra Modi for the realisation of CECPA and said, “India has been a partner and friend like no other to Mauritius.” PM Jugnauth said that the event further highlights the long-lasting friendship and deep-rooted ties shared by the people of both countries. The agreement came into force on April 1, 2021, and focuses predominantly on trade between the two countries besides including sanitary and phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in other areas, stated a press release by the Indian ministry of commerce and industry. PM Jugnauth also went on to highlight New Delhi’s technical, financial and diplomatic support, citing the completion of recent projects like the Metro Express, the new Supreme Court, and the new ENT hospital. “Government is investing massively in the upgrading of infrastructure to make sure businesses operate in the best environment as well as pave the way to the sustainable, intensive, and modern economy,” said the island nation’s PM, according to local media. The foreign affairs minister of Mauritius, Alan Ganoo, echoed a similar sentiment describing India as a staunch supporter of Mauritius. He said that they have benefitted from New Delhi’s support and called CECPA a pivotal milestone, “Indian investors can use Mauritius as a gateway for production and subsequent exports to African market” Ganoo added. Notably, Mauritius has duty-free access to the 650 million consumer market which the foreign minister attributed to the country’s membership in COMESA and SADC. ALSO READ | India signs FTA with Mauritius, extends $100 million defence line of credit Meanwhile, Mauritius also benefits from preferential market access into India for the island nation’s 615 products, including frozen fish, speciality sugar, biscuits, fresh fruits, juices, mineral water, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel, said India’s commerce ministry in their statement. On the other hand, the pact cover 310 export items from India such as food and beverages, agricultural products, textile and textile articles, base materials, electronic items and electricals, plastics and chemicals and wood. The aforementioned event was attended by the High Commissioner of India, K Nandini Singla, who also reiterated CECPA’s benefits in enhancing the well-being of people from both countries. “The CECPA holds tremendous potential to boost bilateral trade and is an ideal platform to explore new opportunities in Africa,” said Singla. India has always been one of Mauritius’ top three trading partners since its independence, while Mauritius has been among the top three sources of FDI into India, indicated the high commissioner. “We look forward to Mauritius continuing to be a cherished partner in our growth story”, Singla concluded. The event also saw the launch of a booklet penned by the Economic Development Board (EDB) titled, “Mauritius-India: A guide to Business Development”, reported the local media. (with inputs from agencies)

Mauritius PM hails India for CECPA agreement, says it fosters trade between the two countries

The Reserve Bank of India has rolled out a system to settle international trade transactions in the Indian rupee instead of the dollar. How does the rupee trade work? How will it impact India's trade relations? Palki Sharma tells you.

Gravitas: RBI announces rupee mechanism for foreign trade

The European Union and India are "fully committed" to moving forward on the proposed free trade agreement and discussions are on between the two sides on the much-delayed pact, according to an EU official.

The negotiations for the pact, officially dubbed as the Bilateral Trade and Investment Agreement (BTIA), have been held up since May 2013 and have witnessed many hurdles.

"Discussions between European Union and India are going on. Both sides are fully committed to moving this agenda forward and discussions are on," Ambassador of the 28-nation grouping to India Tomasz Kozlowski told PTI when asked about the BTIA talks.

The negotiations for the pact were launched in 2007.

Besides demanding significant duty cuts in automobiles, the EU wants tax reduction on wines, spirits and dairy products, and a strong intellectual property regime.

On the other hand, India is asking it be granted data secure nation status by the EU. The country is among the nations not considered as data secure by the EU.

"The grant of a data secure nation status to India by the EU will provide the country's IT firms enhanced market access to European nations and also improve their business prospects significantly," EAZY ERP Technologies Managing Director Kunal Singhal said.

The two sides have to also iron out differences related to the movement of professionals.

Two-way trade between India and the EU dipped to USD 88.4 billion in 2015-16 from USD 98.5 billion in the previous fiscal.

The European Union and India are "fully committed" to moving forward on the proposed free trade agreement and discussions are on between the two sides on the much-delayed pact, according to an EU official.

The European Union and India are "fully committed" to moving forward on the proposed free trade agreement and discussions are on between the two sides on the much-delayed pact, according to an EU official. The negotiations for the pact, officially dubbed as the Bilateral Trade and Investment Agreement (BTIA), have been held up since May 2013 and have witnessed many hurdles. "Discussions between European Union and India are going on. Both sides are fully committed to moving this agenda forward and discussions are on," Ambassador of the 28-nation grouping to India Tomasz Kozlowski told PTI when asked about the BTIA talks. The negotiations for the pact were launched in 2007. Besides demanding significant duty cuts in automobiles, the EU wants tax reduction on wines, spirits and dairy products, and a strong intellectual property regime. On the other hand, India is asking it be granted data secure nation status by the EU. The country is among the nations not considered as data secure by the EU. "The grant of a data secure nation status to India by the EU will provide the country's IT firms enhanced market access to European nations and also improve their business prospects significantly," EAZY ERP Technologies Managing Director Kunal Singhal said. The two sides have to also iron out differences related to the movement of professionals. Two-way trade between India and the EU dipped to USD 88.4 billion in 2015-16 from USD 98.5 billion in the previous fiscal.

EU-India "fully committed" to move forward on free trade pact: EU official

China's trade of goods rose by 8.8 per cent year on year to 11.63 trillion yuan (about 1.82 trillion US dollars) in the first five months of 2018, according to official data from China's General Administration of Customs (GAC) released on Friday.

Exports of cargo trade rose by 5.5 per cent year on year to 6.14 trillion yuan (approx. 0.96 trillion US dollars) in the January-May period while imports grew by 12.6 per cent to 5.49 trillion yuan (approx. 0.86 trillion U.S. dollars).

The numbers resulted in a trade surplus of 649.8 billion yuan, which narrowed by 31 per cent when compared to the same period last year, according to the GAC.

"Since the beginning of this year, China’s imports and exports have continued along a healthy trend towards stable growth and maintained relatively fast growth in the first five months. Meanwhile, domestic demand has been growing and the country has actively expanded imports, so the trade surplus has narrowed, and trade of goods has moved towards a more balanced development," said Huang Songping, the director of the GAC Department of Statistics.

In the first five months, the European Union (EU) remained China's top trade partner, with trade volume between the two sides increasing by 7.3 per cent to 1.7 trillion yuan (approx. 265.3 billion U.S. dollars). That number is followed by that of the United States at 1.57 trillion yuan (approx. 245.0 billion US dollars) and then the Association of Southeast Asian Nations (ASEAN) at 1.49 trillion yuan (approx. 232.5 billion U.S. dollars).

China's trade with countries along the Belt and Road registered faster-than-average growth, with the trade volume standing at 3.21 trillion yuan, up 11.1 per cent from last year.

The numbers resulted in a trade surplus of 649.8 billion yuan, which narrowed by 31 per cent

China's trade of goods rose by 8.8 per cent year on year to 11.63 trillion yuan (about 1.82 trillion US dollars) in the first five months of 2018, according to official data from China's General Administration of Customs (GAC) released on Friday. Exports of cargo trade rose by 5.5 per cent year on year to 6.14 trillion yuan (approx. 0.96 trillion US dollars) in the January-May period while imports grew by 12.6 per cent to 5.49 trillion yuan (approx. 0.86 trillion U.S. dollars). The numbers resulted in a trade surplus of 649.8 billion yuan, which narrowed by 31 per cent when compared to the same period last year, according to the GAC. "Since the beginning of this year, China’s imports and exports have continued along a healthy trend towards stable growth and maintained relatively fast growth in the first five months. Meanwhile, domestic demand has been growing and the country has actively expanded imports, so the trade surplus has narrowed, and trade of goods has moved towards a more balanced development," said Huang Songping, the director of the GAC Department of Statistics. In the first five months, the European Union (EU) remained China's top trade partner, with trade volume between the two sides increasing by 7.3 per cent to 1.7 trillion yuan (approx. 265.3 billion U.S. dollars). That number is followed by that of the United States at 1.57 trillion yuan (approx. 245.0 billion US dollars) and then the Association of Southeast Asian Nations (ASEAN) at 1.49 trillion yuan (approx. 232.5 billion U.S. dollars). China's trade with countries along the Belt and Road registered faster-than-average growth, with the trade volume standing at 3.21 trillion yuan, up 11.1 per cent from last year.

China's foreign trade up 8.8 % in first five months

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