A report by the Global Trade Research Initiative (GTRI) predicts a 2.6% decline in India’s overall trade in 2023, citing challenges in global markets. However, robust performance in electronic goods, particularly smartphones, and the services sector are expected to help mitigate the fall. Despite the global trend of a 5% decline in merchandise exports, India’s merchandise exports and imports of goods and services are anticipated to dip to $1,609 billion in 2023. Notably, smartphone exports are projected to surge by approximately 93% to $14 billion, contributing to the overall growth in India’s electronics exports.
Indian Trade to Face 2.6% Decline in 2023, Smartphones and Services to Cushion Impact
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