India slipped to eighth position in 2020 in terms of its share of merchandise exports among developing economies, according to a World Trade Organization report.
India’s ranking translates into a share of 3.6 per cent with respect to top 15 developing economies’ merchandise exporters, lower than its share of 3.9 per cent in 2018 as the seventh position the country has secured.
In case of inbound shipments, the share of exports to 5.2 per cent in 2020 from 6.4 per cent in 2018, with rank deteriorating to the fourth position from the third.
China, the Republic of Korea, and Mexico remained the top traders among developing economies. With respect to imports, China and the Republic of Korea continued to remain in the top two spots in 2018 and 2020.
“In 2020, only three out of the fifteen top importers imported more than in the previous year, notably Turkey (+4.4 per cent), Viet Nam (+3.7 per cent) and Chinese Taipei (+0.3 per cent). All the other top importers imported less goods than in 2019, with India’s (-23.3 per cent) and Indonesia’s (-17.3 per cent) imports falling the most,” the report said.
“The order of the top four exporters did not change between 2018 and 2020, with China being the top exporter with a share of 34 per cent in 2020, followed by the Republic of Korea (share of 7 per cent), Mexico (share of 5 per cent) and Singapore (share of 5 per cent),” the report said.
Among the top 15 exporters, Vietnam, Chinese Taipei, and China recorded export growth in 2020–the year that also witnessed massive disruption in global trade due to the outbreak of the pandemic.
In terms of service exports and imports, China, India, and Singapore bagged the top positions. Services trade remains concentrated with the first 15 economies, predominantly Asian, accounting for almost 80 per cent of services exports and more than three-fourth of imports in 2020.
India bagged the second position among the top 15 developing economies’ commercial services exporters in 2020, with a share of 14 per cent. In 2018, India’s share was 11 per cent, with its rank being third.
“In 2020, China and India, the top developing services exporters, saw lower declines compared to the rest of developing economies. China’s services exports were sustained particularly by strong growth in transport (+25 per cent), ICT services (+10 per cent), mainly computer services, and business services (+3 per cent). Expanding IT services and business services (+5 per cent) also helped India’s services,” it said.
Prior to the pandemic, these sectors accounted for nearly two-third of India’s services exports.
Source : Business Standard
