In 2022, there was a notable increase in gold and silver imports as the global economy recovered from the COVID-19 pandemic. The demand for these precious metals as safe-haven assets surged, as investors sought to diversify their portfolios and protect their wealth.

According to import-export data for 2022, India made a significant contribution to the gold and silver imports. These imports constituted the second-largest category of imports, valued at $35.9 billion, following oil. India is one of the world's leading consumers of gold, with the demand for jewelry and other applications driving the imports of the precious metal into the country.

According to India's Export import data for 2022, the United States and UAE were among India's major trading partners. The US became India's largest trading partner in the previous fiscal year, surpassing China. UAE's growing oil trade contributed significantly to the country's trade with India.

India's exports in 2022 were dominated by engineering items, petroleum products, and textiles. These three categories accounted for more than half of India's total exports, with engineering goods contributing the most at $71.4 billion. Chemicals, gems, and jewellery, as well as pharmaceuticals, were also significant export products for India in 2022.

India is set to assume the G20 presidency for the period of 1 December 2022 to 30 November 2023. As the G20 president, India will be responsible for setting the agenda and hosting the summit, which is a crucial intergovernmental platform for global economic cooperation.

India is also expected to overtake China as the world's most populous country in April 2023, which will put pressure on the government to create more jobs and leverage the country's positive demographic dividend. The success of India's trade will depend on its export readiness.

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