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Over the past decade, India's exports and imports have undergone significant structural transformations influenced by global economic trends, domestic policy shifts, and technological advancements. These changes reflect the evolving nature of India's trade patterns, revealing both challenges and opportunities in its quest for a robust and self-reliant economy. Recent Trends in India's Exports India's exports have shown considerable dynamism, especially in the post-pandemic period. After a sharp contraction during the COVID-19 pandemic, exports rebounded strongly, supported by global recovery, resilient supply chains, and policy measures like the Production Linked Incentive (PLI) schemes. * Growth in Merchandise Exports: India’s merchandise exports reached an all-time high of USD 447.46 billion in FY 2022-23, registering a growth of over 6% compared to the previous fiscal year. Despite global headwinds such as inflation, geopolitical tensions, and interest rate hikes, India has managed to maintain a steady export trajectory. * Services Export Boom: Services exports, especially IT and software services, have become a vital component of India’s trade. In FY 2022-23, services exports touched approximately USD 323 billion, driven by the digital transformation globally and increased outsourcing. * Diversification of Markets: Traditionally reliant on markets like the US and the EU, India has made efforts to diversify its export destinations. Countries in Southeast Asia, Africa, Latin America, and the Middle East have emerged as significant trade partners. * Trade Agreements and Diplomacy: India has actively engaged in signing and renegotiating trade agreements. The Comprehensive Economic Partnership Agreement (CEPA) with the UAE and the Free Trade Agreement (FTA) with Australia are recent examples that are expected to boost bilateral trade. Recent Trends in India’s Imports India’s imports have also experienced substantial shifts, both in terms of volume and composition. * High Energy Imports: Crude oil remains India's largest import item, constituting around 25-30% of total imports. The surge in global crude prices, particularly after the Russia-Ukraine conflict, _________ ______ _______ _______ ___ ____ _________.
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