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India's imports from ASEAN FTA partners; $187.92 billion in FY24
Industry News- May 17,24
Exports to Asean countries grew from $37.47 billion in FY19 to $41.21 billion in FY24, marking a 9.96 per cent increase.
A recent report reveals that India's imports from its primary free trade agreement (FTA) partners grew at a faster rate than its overall inbound shipments. According to the Global Trade Research Initiative (GTRI), imports from these FTA nations surged by nearly 38% to $187.92 billion in the fiscal year 2023-24 (FY24), outpacing the 31.4% increase in the country's total imports, which amounted to $675.45 billion.
Over a five-year period from FY19 to FY24, India witnessed a notable increase in inbound shipments from its FTA partners, while its outbound shipments to these nations grew at a comparatively slower pace. Exports to FTA countries rose by 14.48% to $122.72 billion, whereas total exports from India expanded by 32% to $437 billion during the same period.
The FTA agreements encompass key trade partners such as South Korea, Japan, Australia, the United Arab Emirates (UAE), Mauritius, the Association of Southeast Asian Nations (ASEAN), and the South Asian Free Trade Area. These nations collectively accounted for 28% of India's total trade volume in FY24. However, it's worth noting that not all exports to FTA partners necessarily utilise the concessions provided under these trade pacts. Additionally, India's FTAs with Australia, UAE, and Mauritius became operational in 2022 and 2021, respectively.
The GTRI report underscores the significant impact of FTAs on India's global trade landscape. It highlights that while exports to ASEAN nations experienced a modest growth of 9.96% from FY19 to FY24, imports from the region surged by 34.3%. Similar trends were observed in India's trade relations with South Korea and Japan.
Despite fluctuations due to pandemic-related disruptions, India's exports and imports have showcased resilience and growth over the past few years. The report indicates a stabilisation in exports at $437.1 billion in FY24, following a peak of $451.1 billion in FY23. Meanwhile, imports fluctuated, reaching $675.4 billion in FY24 after a surge to $716 billion in FY23.
(Source: Business Standard)
India
imports
free trade agreement
FTA
partners
Global Trade Research Initiative (GTRI)
inbound shipments
outbound shipments
exports
South Korea
Japan
Australia
United Arab Emirates (UAE)
Mauritius
Association of Southeast Asian Nations
ASEAN
South Asian Free Trade Area
trade volume
concessions
pandemic-related disruptions
stabilisation
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