Trade in goods and services from India is expected to exceed $3bn in 2019, as the world’s second-largest economy seeks to avoid a slowdown that could affect its exports to the United States and Europe.

India’s exports of manufactured goods to the US rose to a record $17.6bn in the year to March 2019, up 24 per cent on the previous year, according to the latest data from the World Bank.

That was the highest since February 2009, according the data, published on Wednesday.

But the country’s economy is also slowing down, with gross domestic product contracting by 0.4 per cent in the January-March period.

The World Bank expects global GDP to contract by 1.1 per cent this year.

However, economists say the global slowdown could not last long given India is already one of the world of the fastest growing economies, and that the slowdown is unlikely to be sustained.

“The Indian economy is expected grow at 3.4% per annum and is likely to be able to maintain the current rate of growth,” the data showed.

Indian exports to Australia jumped 22 per cent to $13.4bn last year.

The number of Indian students studying in Australia rose to 1.9 million last year, up from 1.7 million in the previous three months.

Australia is the world second-biggest exporter of goods to India, behind the US.

Australian exports to India grew by 5.2 per cent last year to $4.9bn, but the figures exclude products such as food and beverages.

AAP/ABC NewsTopics:economics-and-finance,trade,industry,industries,americas,asia,asia-pacific,indiaFirst posted November 01, 2019 07:35:00Contact Joe Stearns