Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
India Exports: Overview
According to the IMF, in 2020, exports contracted by 8.02% due to pandemic-related lockdowns. With the easing of restrictions, the IMF forecasts a V-shaped recovery in exports and imports for 2021. Exports are expected to grow by 11.05% in 2021. According to UN Com trade, as of 2020, India's main export partners were the US (17.9% share of exports), China (6.89%), the UAE (6.51%), and Singapore (3.01%). To aid a strong rebound in investment demand and exports, and increased allocation for capital expenditure under the union budget 2021–2022 has expanded the production-linked incentives (PLI) scheme, thereby raising capacity utilization.
Mineral fuels, mineral oils, and products of their distillation are one of India’s most important industries and are the country’s largest export item in terms of value. In 2020, India exported mineral fuels were worth $ 277.1 billion. It accounted for 10.03% of the total export basket in 2020.
India Exports as a % of GDP
Exports as a % of GDP of India was 17.9% in 2021, decreased by 1.0% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in India decreased by 13.0%. The indicator was highest in the year 2013 at 24.2% and lowest in the year 2021 at 17.9%.
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