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TRENDS IN EXPORTS AND IMPORTS OF GOODS AND SERVICES DURING PRE AND POST REFORM PERIODS IN INDIA

. Dr. J. Ravi Associate Professor in Economics, V.O Chidambaram College, Thoothukudi– 628 008 Affiliated to Manonmaniam Sundaranar University, Abishekapatti, Tirunelveli – 627012, Tamil Nadu, India.


Abstract

The economic strength is used to assess its position in the international arena. The numerous economic components that make up a country's economic strength. The country's overseas trade is one of the country's most important economic components. Every country's economic progress and success has relied heavily on international commerce. When India's new economic policy was implemented, the country began a new era of trade liberalisation. In developing countries, exports are often essential to promoting economic progress. From 1960 through 2020, this study looks at the trend and growth of India's export and import of commodities and services.

According to the findings, India's total imports of goods and services were 2.53 billion dollars in 1960 and 482.45 billion dollars in 2020. From 1960 to 2020, the average quantity was 137.98 billion US dollars. However, overall goods and services imports grew at an annual rate of 8.99 percent from 1960 to 2020, with a high CV of 148.58 percent. It shows that exports and services and imports have been growing at a compounded annual growth rate of 4.73 percent and 5.81 percent, respectively.

The trend coefficients are positive and significant at the 5% level, showing that products and services are being exported and imported in a positive trend. Exports of goods and services have a trend coefficient of 0.067, while imports have a trend coefficient of 0.063. Using time-series data from 1960 to 2020, this study examines the impact of new economic reforms on India's exports, imports, and overall trade. In this case, the value of pre-and post-crisis trade performance is contrasted. After the adoption of new economic reforms in India, it was established that India's foreign trade had demonstrated an upward tendency across the research period. As a result, the study indicates that India's economic reforms had a major positive impact on the country's international commerce.

Keywords: foreign trade, economic reforms, international trade, trade reforms.

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