The fundamental law of human beings is interdependence. A person is a person through other persons. We are dependent on different persons, institutions, and organizations in the society for different reasons and for different facilities.
Our social life is interdependent and mutual cooperation has a very important place in it.
Just as it is true about individuals and society, it applies to different nations as well. All the countries of the world are dependent on each other for some reason or another.
This dependence is visible in the form of mutual cooperation between the nations on many different aspects such as- trade, contracts, treaties, agreements and being a diplomatic ally.
The buying and selling of goods and services across national borders is known as international trade. International trade is the backbone of our modern, commercial world, as producers in various nations try to profit from an expanded market, rather than be limited to selling within their own borders.
India’s primary imports usually comprise of machines, iron, mineral oil, fertilizers, and medicine, whereas exports mostly include- tea, coffee, spices, cotton textiles, leather, footwear, pearls and precious stones, vehicles, etc.
India’s growth rate in exports has exhibited a significant increase of 27.59% from February 2017 to exports during March 2017.
India is outpacing China in export growth of locally made retail and lifestyle products, according to Damco, the world’s seventh largest freight forwarder.
Driven largely by the increasing demand for locally-made home goods and children’s toys in North America, India’s exports have steadily gained popularity in many countries across the world because of a high-quality proposition which combines superior products, shorter lead time and scalability among local manufacturers.
The big retailers of the world have India on their radar. From 1,500 in 2016, the number of shippers increased to 1,700 in 2017. The number of cities from which sourcing was taking place has also increased.
While export volume growth continued to come from India’s traditional trading partners – North America (up by 7%) followed by Europe (up by 2%) in 2017, new markets like Turkey and Thailand increased their sourcing of retail and lifestyle products from the geography by multiple times respectively during the same period.
Some of the highly exported lifestyle products include-
Textile is India’s trump card when it comes to exports. India tops the chart in jute production and also holds 63 percent of the global market share in textiles and garments.
From 2008 to 2013, the Indian automobile export sector has seen a rise 17 percent, one of the fastest economic growths that have ever taken place in the sector. Being one of the leading steel producers in the world, India invests largely in the automobile sector and its export.
Around 30 percent of Indian jewelry gets exported to the United States alone. Other such countries include Hong Kong, UAE, Singapore, and Belgium.
The other commodities highly exported include goods and children’s toys at 39% and 33% respectively, bedding and bath products at 33%.
A further deep dive by DAMCO into specific states that contributed to the country’s retail and lifestyle products exports in 2017 revealed that Rajasthan dominated India’s export growth at 45%, followed by Uttar Pradesh at 21%. Tamil Nadu, Andhra Pradesh, and Gujarat dominated exports to Europe, while exports to North America were led by Uttar Pradesh and Rajasthan.
Thus, this improvement in trade and exports of lifestyle products is surely another milestone in the path of India’s transformation from a developing country to a developed country.
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