International Journal For Multidisciplinary Research

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Major Developments in India's Foreign Trade: An Analytical Study of its Size, Composition and Direction

Author(s) Dr. Shivaraju
Country India
Abstract ABSTRACT
India's engagement with the world economy has deepened considerably over the last decade, and its foreign trade has shifted gradually from a narrowly directed, commodity-heavy structure towards one that is more diversified in both product coverage and geographic spread. This paper studies the recent evolution of India's foreign trade along three connected dimensions-size, composition and direction- using official statistics published by the Ministry of Commerce and Industry, the Directorate General of Commercial Intelligence and Statistics (DGCI&S) and allied government sources, covering the period up to FY 2025-26 (provisional).
The analysis shows that India's combined merchandise-and-services trade crossed roughly USD 1.7 trillion in FY 2024-25, with a fast-growing services surplus substantially cushioning a persistently large and widening merchandise trade deficit. On the compositional side, engineering goods, electronics, petroleum products, gems and jewellery and pharmaceuticals dominate the export basket, while petroleum, electronics, gold and capital machinery remain the leading import categories. On the directional side, the United States has firmly established itself as India's single largest trading partner and export market, while trade with China, though large in absolute terms, remains heavily skewed against India.
The paper concludes that recent trade-policy instruments, the Foreign Trade Policy 2023-28, the Production Linked Incentive scheme and a new generation of bilateral trade agreements, have supported diversification, but structural constraints such as energy-import dependence, reliance on Chinese intermediate inputs and exposure to tariff actions by major partners continue to limit the pace of transformation.
Keywords Keywords: India, Foreign Trade, Exports, Imports, Trade Composition, Direction of Trade, Trade Policy, FTP 2023-28
Field Sociology > Economics
Published In Volume 8, Issue 5, September-October 2026
Published On 2026-09-30
DOI https://doi.org/10.36948/ijfmr.2026.v08i05.88812
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