Published: 9th Mar, 2022
Foreign Trade (International Trade) is all about Exports and Imports. From 1947-1991, the Indian economy remained largely as a closed economy. High taxes were levied on import of items. Foreign investments like FDI were restricted. However, after the liberalisation in 1991, foreign trade improved significantly.
Now, India exports around 7500 commodities to about 190 countries, and imports around 6000 commodities from 140 countries. Exports and Imports are not only restricted to commodities (merchandise). Service is also a major export/import item.
Balance of Trade (BoT) is also known as Trade Balance.
- Balance of Trade (Merchandise) = Export of goods – Import of goods
- Balance of Trade (Services) = Export of services – Import of services
The foreign trade policy (FTP) outlines government strategies and steps to promote domestic production and exports to drive economic growth. India’s Foreign Trade Policy (FTP) provides the basic framework of policy and strategy for promoting exports and trade. It is periodically reviewed to adapt to the changing domestic and international scenario. It is essentially a set of guidelines for the import and export of goods and services. These are established by the Directorate General of Foreign Trade (DGFT), the governing body for the promotion and facilitation of exports and imports under the Ministry of Commerce and Industry.
This data story aims to give data about export and import of top commodities of the calendar year 2021.
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