India’s overall exports, covering merchandise and services, were reported at US$528.5 billion during the financial year 2019-20 (down 1.4 per cent y-o-y). Similarly, overall imports during the period were recorded at US$598.6 billion (down 6.3 per cent y-o-y). While the Indian economy had shown signs of slowdown during the year, the negative growth in foreign trade can be largely attributed to the sharp decline in both exports and imports during February and March 2020, due to the global impact of COVID-19 pandemic. The downward trend is expected to continue in the next few quarters as well, not just for India, but globally.

However, on the back of India’s growing manufacturing, R&D and services capabilities, which helped tackle international trade uncertainties and cyclical economic downturn in the past, India is confident of being one of the first countries to bounce back.

In a nationally televised address on May 12, 2020, the Prime Minister called for turning the pandemic crisis into an opportunity to build a self-reliant India. The Government announced a stimulus package of Rs.21 trillion (US$280 billion), amounting to about 10 per cent of India’s GDP, to revive and strengthen the economy.

The implementation of Atmanirbhar Bharat package and calibrated unlocking of the economy have ensured that economic recovery in India has gained momentum. Exports too have rebounded and clocked positive growth in September for the first time since March 2020 and trade deficit narrowed with exports recovering faster than imports.India’s exports in September 2020 were higher by 5.3 per cent as compared to September 2019. As on September 25, 2020, India’s foreign exchange reserves stood at US$ 542.02 billion, equivalent to more than 13 months of imports

Foreign Trade Overview

India exported goods and services worth US$528.5 billion in FY 2019-20

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Foreign Trade Policy

The Foreign Trade Policy 2015-20 has been extended till end March 2021

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Self-reliant India Programme

A self-reliant India would follow the motto of ‘Build local to go global’

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Trade Agreements

Since 2014, India has joined and established key global partnerships

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India's Twinning Agreements

An efficient tool to bolster cultural, diplomatic and commercial ties

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Export Incentives

India has been building an ecosystem to aid sustainable export activities

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Guide to Exporting

Here’s a guide, the A to Z of how to set up an export business in India

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How IndBiz Can Help

IndBiz aims to help global traders and investors to connect with India

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Solutions to your immediate queries related to international trade with India

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