Get the latest insights on the International Trade Profile of India. India, with a population of 1.40 billion, is one of the world’s largest economies and a key player in global trade. Explore the growth prospects and trends in India’s international trade landscape.
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According to the United Nations Conference on Trade and Development (UNCTAD), India’s Gross Domestic Product (GDP) increased by 8.7% in FY22, making it one of the fastest-growing economies in the world. India’s growing economy attracts foreign investment and is a lucrative destination for foreign investors and startups.
According to OECD estimates, India’s GDP increased by 0.8% in the 1st quarter of 2022 over the previous quarter.
India GDP Growth Rate
More than 60% of GDP is accounted for by trade; hotels, transportation, and communication; financial, insurance, real estate, and business services; and community, social, and personal services.
Agriculture, forestry, and fisheries account for around 12% of total production but employ more than 50% of the working force. 15% of the GDP comes from manufacturing, 8% from construction, and the other 5% comes from mining, quarrying, delivering electricity, gas, and water, and delivering electricity, gas, and water.
In 2020, India ranked 63rd out of 190 countries in the World Bank’s Ease of Doing Business Index. It ascended 17 notches from its rank in 2019, firing up India’s start-up scene.
Today, the Indian startup ecosystem is home to approximately 38,815 active startups, which is inclusive of both funded and bootstrapped startups. As the launch of new startups pushes the culture of entrepreneurship forward, one cannot ignore the investors either. India is also home to over 5,694 active investors.
India’s recent success can be largely attributed to its prominence in international trade. India is a country that is heavily reliant on international trade. Since 2015, India has made many new trading partners and gotten along much better with the ones it already had. Let’s have a look at the top trading partners of India.
Top Trading Partners of India
India’s Trade Relation With Top Trading Partners
Even though India isn’t yet a major export hub, contributing just 1.8% of the $21.513 trillion in global exports in 2021. But, its export growth is evident by growth in exports, clocking US$ 394.8 billion in commodity exports, a 33.4% rise over 2017 and a 43.3% increase from 2020.
Which Countries are the Top Ten Export Destinations of India, 2021?
India’s largest destination for its exports is the United States, which accounts for over 18.05% of Indian exports. The top commodities are diamonds and pharmaceuticals.
The UAE stands as the 2nd largest destination for Indian exports, accounting for over 6.65% of Indian exports. The main commodities of export to the UAE are diamonds and pharmaceuticals.
Other major export destinations are China (5.04%), Bangladesh (3.83%), Netherlands (2.97%), Singapore (2.64%), Hong Kong (2.60%), UK (2.48%), Germany (2.34%), and Nepal (2.29%).
Which Countries are the major sources of Indian imports in 2021
In terms of commodities imported, China stands as India’s biggest source of imports, averaging approximately $94.5 billion in 2022, with a share of over 15.43% in Indian imports during the same time frame, and a growth percentage of 45.02% from 2020-2022.
The UAE stands as the 2nd largest source of Indian imports, with an average import value of approximately $44.83 billion in 2021. Its share of Indian imports is well over 7.31%. The main commodities of import are mineral fuels and diamonds.
Other major partners of India in terms of imports are the USA (7.07%), Saudi Arabia (5.56%), Iraq 5.21%), Switzerland (3.82%), Hong Kong (3.12%), Singapore (3.09%), Korea (2.85%), and Germany (2.44%).
What are the Top Ten Export Commodities of India, 2021?
In terms of value, India’s top export commodities in 2021-22 are Refined petroleum ($69.57 billion), Diamonds & Precious Stones ($39.26 billion), Industrial Machinery & Spares ($25.41 billion), Iron & Steel ($22.90 billion), Organic Chemicals ($22.04 billion), Electrical Machinery & Spares ($20.17 billion), Vehicle and Accessories ($19.76 billion), Pharmaceutical Products ($19.39 billion), Cereals ($12.88 billion), Cotton ($10.78 billion).
These significant exports account for 62.13% of India’s total export income. This shows that India exports a variety of products. Indian services are also very highly regarded in the service sector.
To which countries did India export Refined Petroleum & Mineral Fuels, 2021?
India sends most of its exports to Singapore, the United Arab Emirates, the Netherlands, Nepal, Malaysia, the United States, Australia, China, Bangladesh, and Togo. These countries mostly buy mineral fuels, mineral oils, and distillation products like bituminous substances. The top ten countries imported 54.79% of India’s mineral fuels, mineral oils, and products of their distillation; bituminous substances; mineral waxes in the forensic year 2021-22.
To which countries did India export Diamonds & Precious stones, 2021?
In the financial year 2021, India’s export proportion of cut and polished diamonds was the highest among the category of “gems, pearls, precious stones, and semi-precious stones”. The export of diamonds was mostly to the USA (37.35%), Hong Kong (23.88%), UAE (12.61%),Belgium (6.98%), Israel (3.75%), Thailand (2.96%),United Kingdom ( 1.98%), Singapore (1.76%), Japan (1.00%), Switzerland (0.40%) which accounted for 92.69% of the total export of diamonds.
To which countries did India export Pharmaceuticals, 2021?
India is a major player in the global pharmaceutical and vaccine industries. It is the world’s largest supplier of generic medications. Major importers of Indian pharmaceuticals are the USA (33.37%), South Africa (2.84%), the UK (3.17%), Nigeria (2.62%), Russia (2.47%), Canada (1.83%), Germany (1.63%), Brazil (1.93%), Australia (1.84%), France (2.13%) in 2021-22.
India is a major player in the global pharmaceutical and vaccine industries. The country makes around 60% of the world’s vaccines and provides 20% of the world’s pharmaceuticals, ranking 3rd in terms of volume and 14th in terms of value.
OTC medications, generics, APIs, vaccines, biosimilars, and custom research manufacturing are key areas of the Indian pharmaceutical business (CRM). India is the world’s leading supplier of vaccinations such as DPT, BCG, and measles. Furthermore, India is one of the world’s leading suppliers of low-cost vaccinations. India’s biggest pharmaceutical exports are medicine formulations and biologicals, which make up about 75% of India’s total pharmaceutical exports.
India accounts for 5.92% of the worldwide pharmaceutical and medicine market. The bulk of India’s exports (73.31%) were made up of drug intermediates and bulk medicines, followed by formulations and biologics.
In 2021-22, the country exported pharmaceutical items worth US$ 24.62 billion, a 2% increase over the previous year. Exports increased by 18% year on year to US$ 24.4 billion in 2020-21. This strong result was accomplished despite worldwide supply chain interruptions, lockdowns, and decreased manufacturing.
The United States, the United Kingdom, South Africa, Russia, and Nigeria are the top five places where India sells its pharmaceutical goods. During the Covid-19 outbreak, India exhibited its capacity to be a constant and trustworthy pharma supplier to the world, even in times of crisis.
To which countries did India export Industrial equipment, 2021?
India saw a growth in the export of Industrial equipment from 60.73% in 2020–21 to 64.02% in 2021-22. Most of the exports were to the USA (22.82%), Germany (12.90%), Thailand (4.32%), China (4.20%), United Kingdom (4.16%), Singapore (3.90%), UAE (3.55%), Bangladesh (2.89%), France (2.73%), Nepal (2.56%) in the year 2021-22.
To which countries did India export Organic Chemicals, 2021?
Indian chemical exports increased by 106% in 2021-22 compared to 2013-14. Chemical exports from India reached a new high of US$ 29,296 million in 2021-22, compared to US$ 14,210 million in 2013-14.
Major countries of export are the USA (13.45%), China (10.80%), Netherlands (4.90%), Saudi Arabia (4.88%), Belgium (4.01%), Germany (3.82%), Japan (3.16%), Brazil (2.94%), Switzerland (2.79%), Spain (2.78%) in 2021-22.
What are the Top Ten Import Commodities of India, 2021?
Major Commodities of Indian Import in the year 2021-22 were Crude Oil, Gas & Minerals ($19.4 billion), Diamonds & Precious Stones ($81.67 billion), Electrical Machinery & Spares ($62.48 billion), Industrial Machinery & Spares ($50.59 billion), Organic Chemicals ($28.53 billion), Plastic & Articles ($19.99 billion), Vegetable Oils ($19.36 billion), Fertilisers ($12.76 billion), Iron & Steel ($12.61 billion), and Optical Accessories ($11.34 billion).
From which countries did India import Crude oil & Mineral Fuels, 2021?
India imported 77.44% of crude oil in the year 2021-22. Major countries of Imports were Iraq (16.17%), Saudi Arabia (14.17%), UAE (10.43%), USA (8.65%), Qatar (5.59%), Australia (6.76%), Nigeria (5.14%), Indonesia (3.53%), Kuwait (5.09%), and South Africa (1.91%).
For which subcategories of mineral fuels did India pay the most, 2021?
In 2021, Indian importers paid the most for the ten subcategories of mineral fuel-related items shown below. Among these import subcategories, Indian imports of distilled tar (up 8,280%), high-temperature distilled coal tar oils (up 169.1%), and processed petroleum oils (up 65.4%) climbed the quickest from 2020 to 21.
- Crude oil: US$106.4 billion (up 64.8% from 2020)
- Coal, solid fuels made from coal: $25.7 billion (up 62%)
- Petroleum gases: $24 billion (up 57.7%)
- Processed petroleum oils: $9.7 billion (up 65.4%)
- Petroleum oil residues: $2.4 billion (up 44.2%)
- Coal tar oils (high-temperature distillation): $1 billion (up 169.1%)
- Coke, semi-coke: $896.9 million (up 43.5%)
- Petroleum jelly, mineral waxes: $152.6 million (up 50.4%)
- Distilled tar: $18.4 million (up 8,279.5%)
- Tar pitch, coke: $18.3 million (up 29.3%)
From Which Countries did India import Diamonds, Precious & Semi-precious stones, 2021?
India is the world’s largest importer of gems and precious stones. It imported 83.84% of precious and semi-precious stones in 2021–2022.
Major countries of import were Switzerland (25.56%), UAE (19.50%), USA, Hong Kong, Belgium, South Africa, Guinea, Peru, Bolivia, and Singapore.
For which Imports did Indians pay the most in Gem and Precious Metal, 2021?
In 2021, Indian importers paid the most on the ten gems and precious metals subcategories listed below. From 2020 to 21, Indian purchases of unstrung precious or semi-precious stones (up 243.8%), gold (up 154.5%), and synthetic precious stones (up 121.2%) climbed the quickest.
- Gold (unwrought): US$55.8 billion (up 154.5% from 2020)
- Diamonds (unmounted/unset): $26.3 billion (up 65.3%)
- Silver (unwrought): $2.1 billion (up 76.4%)
- Precious/semi-precious stones (unstrung): $1.7 billion (up 243.8%)
- Synthetic precious stones: $1.2 billion (up 121.2%)
- Jewellery: $576.5 million (up 66.9%)
- Platinum (unwrought): $557.5 million (up 7.2%)
- Precious stone dust, powder: $38.2 million (up 60.3%)
- Precious metal waste, scrap: $33.9 million (down -49.1%)
- Imitation jewellery: $27.8 million (up 39.4%)
From which countries did India import Electrical Machinery, 2021?
India imported most of the electrical machinery from China (48.44%) in 2021–22. Hong Kong follows with 14.15%. India imports mostly from China, Hong Kong, Korea (5%), Singapore (4.99%), Vietnam (4.89%), the USA (2.94%), Taiwan (2.76%), Germany (2.46%), Japan (2.11%), and Malaysia (1.46%).
Which Electrical Products are imported into India?
In 2021, India imported solar power diodes or semiconductors (up 130.9%), television, radio, and radar device parts (up 63.6%), and electric storage batteries (up 48%) climbed the quickest from 2020 to 21.
- Phone devices including smartphones: US$13.2 billion (up 4.2% from 2020)
- Integrated circuits/microassemblies: $12.4 billion (up 47.2%)
- Solar power diodes/semiconductors: $5 billion (up 130.9%)
- TV/radio/radar device parts: $2.9 billion (up 63.6%)
- Electrical converters/power units: $2.6 billion (up 36.4%)
- Electric storage batteries: $2.1 billion (up 48%)
- Lower-voltage switches, fuses: $2 billion (up 37.5%)
- TV receiver/transmit/digital cameras: $1.8 billion (down -5.5%)
- Microphones/headphones/amps: $1.2 billion (up 31.3%)
- Insulated wire/cable: $1.1 billion (up 32.3%)
Which Machinery is imported to India, 2021?
In 2021, India paid the most on the 10 machinery categories listed below including “computer”. From 2020 to 21, Indian purchases of piston engine components (up 55.6%), machinery parts (up 53.1%), and transmission shafts, gears, and clutches (up 52.9%) climbed the quickest.
- Computers, and optical readers: US$10.9 billion (up 49.6% from 2020)
- Turbo-jets: $2.5 billion (up 13.7%)
- Air or vacuum pumps: $2.1 billion (up 35.5%)
- Computer parts, and accessories: $2.1 billion (up 47.3%)
- Miscellaneous machinery: $2 billion (up 16%)
- Taps, valves, similar appliances: $1.7 billion (up 34.3%)
- Machinery parts: $1.6 billion (up 53.1%)
- Transmission shafts, gears, clutches: $1.5 billion (up 52.9%)
- Centrifuges, filters, and purifiers: $1.5 billion (up 29%)
- Piston engine parts: $1.3 billion (up 55.6%)
In May 2022, India exported $39 billion and bought $63.2 billion, resulting in a $24.2 billion trade deficit. Between May 2021 and May 2022, India’s exports climbed by $7.01 billion (21.9%), from $32 billion to $39 billion, while imports increased by $25 billion (65.4%), from $38.2 billion to $63.2 billion.
From which countries did India import Industrial Equipment, 2021?
China has been the major source of import for Industrial Equipment with 39.23% of total Imports in the FY 2021-22. Other major countries of imports are Germany (7.94%), the USA (6.77%), Singapore (6.62%), Japan (5.34%), HongKong (4.57%), Korea (3.52%), Italy (3.48%), Thailand (2.94%), and UK (2.06%). The rest of the world counts for 17.53%.
From which countries did India import Organic chemicals, 2021?
A slight increase in Organic chemical imports from 79.20% in 2020- 21 to 80.47% in 2021-22 was seen with these top countries.
China (43.83%), USA (7.01%), Singapore (5.38%), Saudi Arabia (6.12%), Korea (4.68%), Japan (2.72%), Taiwan (3.47%), Qatar (2.62%), Germany (1.57%), and Malaysia (3.08%). The rest of the world accounts for 19.53% only.
Trade Balance of India
What is India’s Trade Balance with the Top Ten Trading Partners, 2021?
India imports and exports a multitude of products and services, and it is an important trading partner for many countries, such as the USA, China, the United Arab Emirates, Saudi Arabia, Iraq, Singapore, Hong Kong, Indonesia, Korea, and Australia. Together, these countries account for about 98.76% of Indian trade.
Which countries have Trade Surplus with India, 2021?
The Ministry of Commerce and Industry of India announced that the United States will be India’s biggest trading partner in 2021-22, overtaking China. The United States outperforms all others in terms of its trade balance with India, with a trade surplus of $32.85 billion.
Bangladesh ($14.17 billion) stands 2nd in terms of trade surplus and was followed by Nepal ($8.27 billion), the Netherlands ($8.06), Turkey ($6.71 billion), Sri Lanka ($4.79), the UK ($3.44), Italy ($3.13 billion), Spain ($2.67 billion) and Togo ($2.63 billion).
Which Countries have Trade Deficit with India, 2021?
According to Ministry of Commerce data, India’s trade deficit with China widened in 2021-22 and will continue to do so in 2022-23. India’s trade deficit with China rose to $73.31 billion in 2021-22 from $44.02 billion in 2020-21.
Iraq ($29.52), Saudi Arabia ($25.34), Switzerland ($22.04), UAE ($16.78), Qatar ($11.35), Kuwait ($9.75), South Korea ($9.39), Indonesia ($9.23), and Australia ($8.47) are the next highest in terms of trade deficit.
How much is India – USA trade balance, FY 2020-21?
The United States has been India’s largest trading partner, with $76.17 billion in exports and $43.32 billion in imports. The Growth in major exports to the USA since 2020 were diamonds(68.16% growth), industrial equipment(42.89%), refined petroleum(341.69%), electrical equipment(30.02%), textile articles(27.76%), organic chemicals(41.05%), transport vehicles(38.97%), knitted and clothing accessories(59.46%), and fish and meat(41.6%).
Where as the growth in major imports of India from the USA were crude oil (93.54% growth since 2020), diamonds (35.02% growth), industrial equipment (43.55%), organic chemicals (25.6%), electrical equipment (20.06%), optical accessories (33.26%), plastic articles (11.1%), other chemical products (32.83%), pulp & paper scrape (89.82%), and aluminum articles (95.44%).
How much is India- China trade balance, FY 2020-21?
India’s trade balance with China in terms of export was $21.25 billion and Imports was $94.57 billion. The growth in major items of export to China in since 2020 are refined petroleum(79.13%), aluminum(215.835), cotton, copper(55.35%), fish & meats(26.95%), industrial equipment(42.25%), and salts, sulphur and cement(44.9%).
India saw a growth in major imports with China such as electrical equipment(48.89%), industrial equipment(41.88%), organic chemicals(39.26%), plastics(76.96%), fertilizers(90.39%), optical accessories(45.41%), transport & vehicles(22.81%), miscellaneous(20.89%), and iron & steel articles(26.36%).
How much is India- UAE trade balance, FY 2020-21?
There was a growth of 68.14% in terms of export with UAE since 2020. In 2021, the exports to UAE rose to $28.05 billion, and imports to $44.84 billion with a growth percentage 68.4%. The growth in major export commodities were Crude oil(120.46%), diamonds(78.57%), electrical equipment(76.85%), iron & steel(115.7%), ships, boats & spare parts(167.6%), non- knitted & clothing accessories(31.33%), industrial equipment(25.25%) and organic chemicals(92.24%), and transport &vehicles spares(51.83%).
Likewise in terms of imports UAE saw an increase of 44.83 billion in 2021 from 26.62 billion in 2020 with a growth of 68.4%. The growth in major imports commodities to UAE were mineral fuel(71.88%), diamonds(70.35%), plastics(45.8%), ship- boat spare parts(41.11%), iron & steel(82.19%), Salts, sulphur and cement(60.68%), fertilisers(126.87%), copper, and aluminium articles(6.06%).
How much is India- Saudi Arabia Trade Balance, FY 2020-21?
India and Saudi Arabia have long had commercial and social relations. Economic relations are an important factor in bilateral strategic partnerships. The imports from Saudi is $34.10 billion and the exports is 8.75 billion which results in a negative trade balance of 8.47 billions in the year 2021.
India’s export to Saudi includes refined petroleum(400.47% growth since 2020), organic chemicals(108.26%), transport & vehicles(12.91%), and industrial equipment(31.68%), iron & steel(113.43%), sugar & confectioneries(664.98%) which is the highest in terms of export since 2020, electrical equipment(43.33%), knitted clothes(1.43%), etc.
Similarly India mainly imports mineral fuels which has a growth of112.33% since 2020 other than fertilizers(145.68%), organic chemicals(116.28%), plastics(50.05%), inorganic chemicals(110.64%), aluminium(77.525), miscellaneous(63.66%), copper articles(17.83%), and precious & semi-precious stones.
What are the Purchasing Opportunities from India?
The Indian economy is booming and on a growth trajectory that no other global economy can match. India offers an excellent combination of a flourishing domestic market potential, highly trained labour, and an increasingly open regulatory framework. All of this makes India a popular location for multinational corporations wishing to grow their footprint and achieve long-term commercial success.
The reasons why India is the next significant target market for global corporations are Domestic Market Opportunity, Growing Technology Infrastructure, Human Capital , and Open Regulatory Environment.
In the year 2021-22 India’s export value surpassed $400 billion. Automobiles, medicines, gasoline, jewellery, and other critical exports were from India. The list of top Indian items in great demand overseas are Handicrafts, Leather products, Spices Export, Tobacco, India Gems and Jewellery, Tea export, and Textile export. India’s exports will likely surpass $400 billion in 2021-22, with roughly $110 billion in additional sales.
What are the sales opportunities in India?
Retail is one of the fastest-growing business sectors in India. According to Forrester Research, the retail sector in India was worth $883 billion in 2020 and is predicted to expand to $1.3 trillion by 2024. Forrester Research says that India’s retail sector was worth $883 billion in 2020 and that it will grow to be worth $1.3 trillion by 2024.
The income from e-commerce in India is predicted to increase from $46.2 billion in 2020 to $136.47 billion by 2026. With significant investment in technology and infrastructure, as well as a rapidly expanding number of internet users, India is predicted to become the world’s fastest-growing e-commerce industry.
The COVID-19 epidemic has caused problems with the supply chain and logistics, as well as a recent rise in demand for a wide range of goods. This has forced Indian companies to focus on improving their distribution networks. Marketers are increasingly relying on courier and logistics companies to fulfill critical distribution and logistical duties, as well as find more efficient methods to reach customers.
Top Contributors to the Indian Economy
- Textile Industry, Contributes 4% of the Indian Economy
- Tourism Industry, Contributes 6% of the Indian Economy
- Chemical Industry | Contributes 7% of the Indian Economy
- Engineering Industry | Contributes 8% of the Indian Economy
- Transportation Industry | Contributes 8.5% of the Indian Economy
- IT and IT Services | Contributes 9% of Indian Economy
- Banking and Insurance Industry | Contributes 10% of Indian Economy
- Real Estate Industry | Contributes 13.5% of Indian Economy/li>
- Agriculture Industry | Contributes 15.7% of Indian Economy
- Retail & Wholesale Trade Industry | Contributes 15.7% of Indian Economy
When most people talk about India’s trade, they immediately think of countries such as China and the United States. And although they are very important trading partners for India, India’s trade portfolio is much more diverse.
Throughout the years, India has made strong ties with many countries, such as Iraq, Israel, South Africa, Venezuela, and Mexico. These relationships are crucial for India’s growth, and with its international presence increasing every year, India is sure to become a giant in terms of trade in the upcoming years if government policies are effective.
India and Indo-Pacific Economic Framework (IPEF)
The Indo-Pacific Economic Framework (IPEF) was set up by the United States and 14 other countries in the Indo-Pacific area, namely Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, Vietnam, and the United States. These countries account for 40% of the world’s GDP and 28% of global trade in goods and services.
The goal of IPEF is to build an economic relationship between its member countries so that the region can be more resilient, sustainable, fair, and competitive.
Table: Major Bilateral and Regional Agreements with India (signed and implemented)
|1||CEPA||Comprehensive Economic Partnership Agreement (CEPA)||India, UAE||FTA|
|2||ECTA||Economic Cooperation and Trade Agreement (ECTA)||India, Australia||FTA|
|3||CECPA||Comprehensive Economic Cooperation Partnership Agreement (CECPA)||India, Mauritius||FTA|
|4||APTA||Asia Pacific Trade Agreement||Bangladesh, China, India, Lao PDR, Republic of Korea, Sri Lanka||PTA|
|5||India ASEAN TIG||India ASEAN Trade in Goods Agreement||Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, Vietnam, and India||FTA|
|6||GSTP||Global System of Trade Preferences||Algeria, Argentina, Bangladesh, Benin, Bolivia, Brazil, Burma Cameroon, Chile, Colombia, Cuba, Republic of Korea, Ecuador, Egypt, Ghana, Guinea, Guyana, India, Indonesia, Iran, Iraq, Libya, Malaysia, Mexico, Morocco, Mozambique, Nicaragua, Nigeria, Pakistan, Peru, Philippines, Republic of Korea, Singapore, Sri Lanka, Sudan, Thailand, Trinidad and Tobago, Tunisia, Tanzania, Venezuela, Vietnam, Zimbabwe||PTA|
|8||SAFTA||South Asia Free Trade Agreement||India, Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan, and the Maldives||FTA|
|9||ISLFTA||Indo Sri Lanka Free Trade Agreement||Sri Lanka, India||FTA|
|11||ISCECA||India Singapore Comprehensive Economic Cooperation Agreement||Singapore, India||FTA|
|12||JICEPA||Japan India Comprehensive Economic Partnership Agreements||Japan, India||FTA|
|13||IKCEPA||India Korea Comprehensive Economic Partnership Agreements||South Korea, India||FTA|
The views expressed in this article are those of the author alone and not the WorldRef.
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