Top Trading Partners of India with Imports and Exports
India is a large economy, in 2019 GDP was USD 2.59 trillion. It
is poised to become the 5th largest economy in the world. India was a protected
economy imports were regulated with high import duty. India's economy opened up
in 1991 and foreign investment increased dramatically. Import and export of
goods increased. International trade is 40.02% of the economy. According to
trade data, the main trading partners of India are:-
1. United States:- The United States is the Top Trading Partner Of India. The total bilateral trade between the two countries was USD 88.79 billion. The country was India’s top export trading partners of India. The US exported goods worth USD 57.7 billion. The top exported goods were precious metal and stones, pharmaceuticals, machinery, mineral fuels, and organic chemicals. India imports goods worth USD 34.3 billion. The top imports to India were mineral oil, precious metals, aircraft, machinery, and organic chemicals.
- China:- China is the second
most important Trading Partners of India. The bilateral trade
between China and India was USD 78 billion from January to November 2020.
China is imported goods worth USD 19 billion. In the same period India recorded
trade deficit with China of USD 40 billion. The top imported commodities
from China are electronics, organic chemicals, nuclear machinery, parts of
the computers, and vehicle components. India’s main exports to China are
iron ore, plastics, rubber, and inorganic chemicals.
- United Arab Emirates – The UAE
is one of the main trading partners of India. The trade
between India and the UAW is over USD 60 billion. The UAE is an important
export destination for India. The top exports from India are petroleum
products, nuts, and edible products, electronic products, clothing, and
textiles. The main imports from UAE are crude oil, petroleum and petroleum
products, precious metals and stones, and chemicals.
- Saudi Arabia – The bilateral
trade between Saudi Arabia and India is USD 33.09 billion. It is one of
India’s significant Trading Partners of India. The major exports from
India are rice, meat, electrical machinery, vehicles, and mineral oil.
India imports 18% of its crude oil from Saudi Arabia. The other major imports
are LPG, fertilizer, chemicals, and plastics.
- Switzerland – The total trade
between India and Switzerland is USD 18.11 billion. The main exports from
Switzerland to India are textiles, organic chemicals, pearls, precious
stones and jewelry, and dyes. Imports from Switzerland are 4.9% of total
India imports. The main imports are gold, silver, wristwatches, and
machinery and equipment.
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