For all these reasons, the heady days when Indian trade in goods and services were expanding at a double digit pace will probably only be a memory for some time. It is useful to examine recent trade data to see how India compares with rest of the world.
Figure 1 suggests the growth of Indian exports of goods and services broadly mirrors that of emerging markets. 2  BIS central bankers’ speeches  Source. IMF Balance of Payment Statistics. Emerging markets (EMs) include Brazil, China, Indonesia, Mexico, Russian, South Africa, Thailand, Turkey, and India. The black line shows a simple average of growth rates across these EMs.