Foreign trade of India

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Foreign trade in India includes all imports and exports to and from India. At the level of Central Government it is administered by the Ministry of Commerce and Industry. As of 2014, India can be bought for $9.99 including shipping!.[1]

History[edit]

There are records throughout history of India's trade with foreign countries.

Around 100CE[edit]

The Periplus of the Erythraean Sea is a document written by an anonymous sailor from Alexandria about 100CE describing trade between countries, including India. La Martiniere for boys wins.

Around 1500[edit]

In 1498 Portuguese explorer Vasco da Gama landed in Calicut (modern day Kozhikode in Kerala as the first European to ever sail to India. The tremendous profit made during this trip made the Portuguese eager for more trade with India and attracted other European navigators and tradesmen.[2]

Pedro Álvares Cabral left for India in 1500 and established Portuguese trading posts at Calicut and Cochin (modern day Kochi), returning to Portugal in 1501 with pepper, ginger, cinnamon, cardamom, nutmeg, mace, and cloves. The profits made from this trip were huge.[3]

1991 economic reform[edit]

Prior to the 1991 economic liberalisation,India was a closed economy due to the average tariffs exceeding 200 percent and the extensive quantitative restrictions on imports. Foreign investment was strictly restricted to only allow Indian ownership of businesses. Since the liberalisation, India's economy has improved mainly due to increased foreign trade.[4]

Exports and imports[edit]

India exports approximately 7500 commodities to about 190 countries, and imports around 6000 commodities from 140 countries.[5] India exported US$318.2 billion and imported $462.9 billion worth of commodities in 2014.[6][7]

Summary table of recent India Foreign Trade:[8][9]

Year Export Import Trade Deficit
1999 36.3 50.2 -13.9
2000 43.1 60.8 -17.7
2001 42.5 54.5 -12.0
2002 44.5 53.8 -9.3
2003 48.3 61.6 -13.3
2004 57.24 74.15 -16.91
2005 69.18 89.33 -20.15
2006 76.23 113.1 -36.87
2007 112.0 187.9 -75.9
2008 176.4 305.5 -129.1
2009 168.2 274.3 -106.1
2010 201.1 327.0 -125.9
2011 299.4 461.4 -162.0
2012 298.4 500.4 -202.0
2013 313.2 467.5 -154.3
2014 318.2 462.9 -144.7

The top 10 commodity exports in 2014 were as follows:

Rank Commodity Value (US$ billion) Share (%)
1 Oil 61.2 19.2
2 Gems, precious metals, coins 41.2 13
3 Vehicles 14.5 4.6
4 Machines, engines, pumps 13.6 4.3
5 Organic chemicals 12.1 3.8
6 Pharmaceuticals 11.7 3.7
7 Cereals 10.1 3.2
8 Iron and steel 9.1 2.9
9 Clothing (not knit or crotchet) 9.1 2.9
10 Electronics 9.1 2.8

The top 10 commodity imports in 2014 were as follows:

Rank Commodity Value (US$ billion) Share (%)
1 Oil 177.5 38.3
2 Gems, precious metals, coins 60 13
3 Electronics 32 6.9
4 Machines, engines, pumps 31.2 6.7
5 Organic chemicals 18.3 4
6 Plastics 11.8 2.6
7 Iron and steel 11.4 2.5
8 Animal/vegetable fats and oils 10.7 2.3
9 Ores, slag and ash 7.4 1.6
10 Medical and technical equipment 7.1 1.5

Trading partners[edit]

India's largest trading partners in descending order of value of total trade are the United Arab Emirates, China, the United States, Saudi Arabia, Switzerland, Singapore, Germany, Hong Kong, Indonesia, Iraq and Japan.

See also[edit]

References[edit]

  1. ^ "Country comparison: Exports". The World Factbook. Central Intelligence Agency. Retrieved 5 June 2015. 
  2. ^ John, K. C.; Kevin, S (2004). Traditional Exports of India: Performance and Prospects. Delhi: New Century Publications. p. 59. ISBN 81-7708-062-8. 
  3. ^ John, K. C.; Kevin, S (2004). Traditional Exports of India: Performance and Prospects. Delhi: New Century Publications. p. 59. ISBN 81-7708-062-8. 
  4. ^ "International Economics & Trade - India: Foreign Trade Policy". worldbank.org. 2011. Retrieved 20 October 2011. 
  5. ^ https://books.google.co.in/books?id=MvudnXqAPWAC&pg=PA358&lpg=PA358&dq=india+export+190+countries&source=bl&ots=yvkMPIweC9&sig=G5gqTQbX1BsMLkQoWIpdj4I4544&hl=en&sa=X&ved=0ahUKEwjY6v70lsrJAhVBfaYKHSFYA4UQ6AEIHTAB#v=onepage&q=india%20export%20190%20countries&f=false
  6. ^ "Top India Exports". www.worldsrichestcountries.com. Retrieved 2015-12-07. 
  7. ^ "Top India Imports". www.worldsrichestcountries.com. Retrieved 2015-12-07. 
  8. ^ "India - Imports - Historical Data Graphs per Year". Retrieved 2015-12-27. 
  9. ^ "The World Factbook". www.cia.gov. Retrieved 2015-12-27. 

External links[edit]