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Foreign trade of India

From Wikipedia, the free encyclopedia

Foreign trade in India includes all imports and exports to and from India. At the central government level, trade is administered by the Ministry of Commerce and Industry.[1] Foreign trade accounted for 46% of India's GDP in 2025.[2] India is a net exporter of services and a net importer of merchandise. In 2025, the World Bank noted that the Indian economy is less open to trade now, than in the previous decade.

Until independence from the British in 1947, the government of India maintained semi-autonomous diplomatic relations and was a founding member of both the League of Nations and the United Nations. After independence, India joined the Commonwealth of Nations and adopted a foreign policy of non-alignment during the Cold War, while developing close economic ties with the Soviet Union. The country also followed Soviet-style economic policies and chose to remain largely closed to international trade until economic liberalisation, following a balance-of-payments crisis in July 1991.

Before liberalisation, average tariffs exceeded 200 percent, and imports were subject to extensive quantitative restrictions. Post 1991, foreign trade has been one of the major drivers of growth in the Indian economy. Economic reforms through the 1990s and 2000s gradually reduced tariffs and opened several sectors to foreign competition. India's share in global merchandise trade is less than 3%. Despite reforms, India continues to be among the most difficult countries to trade with and is one of the most frequent litigants at the World Trade Organization, both as a complainant seeking market access to other countries, and as a defendant supporting its tariff and non-tariff barriers to trade.

India's main merchandise exports are pharmaceuticals, oil and gas, gems and jewellery, automobiles and automobile parts, and raw agricultural commodities. However, the country's exports are spread across a variety of sectors.

Historical background

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India's trading history stretches back two millennia: the Periplus of the Erythraean Sea documents trade between India and the Mediterranean world. The Periplus was written by an anonymous sailor from Alexandria around 100 CE, and describes trade between countries, including India. European trade with India historically took place through the Silk Route, but intensified following Vasco da Gama's 1498 landing at Calicut. The Portuguese, Dutch, French, and British trading companies competed for access to Indian spices, textiles, and other goods for over three centuries following the discovery of a sea route to India.

In 1498, Portuguese explorer Vasco da Gama landed in Calicut (modern-day Kozhikode in Kerala), and was the first European to ever sail to India. The profit made during this trip made the Portuguese eager to trade more with India and attracted other European navigators and tradesmen.[3] Pedro Álvares Cabral left for India in 1501 and established Portuguese trading posts in 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 substantial.[4]

Until independence, the Government of India maintained semi-autonomous diplomatic relations. It had colonies (such as the Aden Settlement), which sent and received full missions,[5] and was a founding member of both the League of Nations[6] and the United Nations.[7] After India gained independence from the United Kingdom in 1947, it soon joined the Commonwealth of Nations and strongly supported independence movements in other colonies. During the Cold War, India adopted a foreign policy of non-alignment, but developed close ties with the Soviet Union.

1991 economic reform

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Before the 1991 economic liberalisation, India was largely a closed economy. Average tariffs exceeded 200 percent, and extensive quantitative restrictions on imports were imposed as part of the government's agenda to follow a 'socialist pattern of society' following the Avadi resolution of Indian National Congress in 1955. The country had a restrictive import policy from the late 1950s onwards.[8] Foreign investment was restricted to allow only Indian ownership of businesses; import of any commodity required licencing and approval from the government. A World Bank report in 2025 noted that India was less open to trade in 2025, compared to the previous decade.[9]

Since liberalisation, India's economy has improved mainly due to increased foreign trade.[10] Reforms in India in the 1990s and 2000s aimed to increase international competitiveness in various sectors, including auto components, telecommunications, software, pharmaceuticals, biotechnology, research and development, and professional services. These reforms included reducing import tariffs, deregulating markets, and lowering taxes, which led to increased foreign investment and high economic growth. From 1992 to 2005, foreign investment increased by 316.9%, and India's GDP grew from $266 billion in 1991 to $3.96 trillion in 2025.[11][12][13] However, India's share in global merchandise trade is less than 3 percent, while service exports are over 10% of its GDP in 2025.[14]

Trade policy

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Despite 35 years of liberalisation, India's tariffs remain comparatively high among other major economies, and its regulatory environment continues to be an obstacle for its trading partners. Scholars have noted that the country still practices restrictive measures, such as quantitative restrictions and complex bureaucratic procedures.[15]

Tariff barriers

[edit]

According to the World Trade Organization's tariff and trade data, the simple average most-favoured nation tariff in 2025 was 15.8 percent, with an effective applied tariff rate of 5.4 percent across all commodities,[16] compared to 2.2 percent in China, 1.8 percent in Indonesia, 1.1 percent in Vietnam, and 1.3 percent for the European Union.[17] The 2025 National Trade Estimate Report on Foreign Trade Barriers, prepared by the United States Trade Representative, noted that India's tariffs were highest of any major world economy, with an applied tariff rate of 13.5 percent for non-agricultural goods and 39 percent for agricultural goods (applicable to US goods).[18]

India maintains high tariffs on a wide range of goods; some examples include vegetable oils (up to 45%); apples, corn, and motorcycles (50%), automobiles and flowers (60%), natural rubber (70%), and alcoholic beverages (150%), in addition to high basic customs duties.[18] The government of India often announces increased in tariffs in its annual budget without prior notices or public consultations,[18] making the country an unreliable trade partner.

Non-tariff barriers

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India maintains several non-tariff barriers, including many prohibited items, licence requirements for certain goods, and restrictions to sell only to government-controlled monopolies in some goods. It has also imposed mandatory Quality Control Orders on hundreds of items through the Bureau of Indian Standards, making domestic testing and certification by a government-approved laboratory mandatory. Additionally, the country has placed price controls on medical devices.[18][19][20] Import licencing is maintained for over 400 products, Sanitary and phytosanitary measures on 250 product categories, and technical barriers to trade on about 228 product categories.[15] Further, India has been accused of inconsistently applying customs procedures and recurring customs-valuation disputes.[18]

Relations with WTO

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India has been one of the most active users of the World Trade Organization's dispute settlement mechanism since its establishment in 1995. As of August 2026, there are nine trade disputes pending against India.[21] The disputes involve production-linked incentives, tariffs on information and communication technology products, safeguard measures for certain iron and steel products, and support to the sugar industry.[22]

As per the WTO database on dispute settlement, which lists 646 total disputes, India has initiated 24 cases and has been a respondent in 34 cases. It has participated in 187 cases as a third party, making it an interested party in over one-third of cases.[23] Scholars have alleged that India is a force for obstruction at the WTO, partnering with different groups of countries and disrupting the organization.[24][25][26]

Both developing and developed countries have accused India of holding up the WTO reform process.[27] Being the only dissenter, the country had blocked the historic Trade Facilitation Agreement in 2014.[28][29] In July 2023, along with Turkey and South Africa, India blocked the Investment Facilitation for Development agreement.[30] In March 2026, after South Africa and Turkey withdrew their objections, it remained the only country to oppose the IFD agreement.[31]

Trade in services

[edit]

As of 2023, India is the seventh-largest exporter of commercial services in the world,[32] accounting for 4.6% of global trade in services. India's service exports grew by 27% in FY 2023.[33] In September 2023, India's services industry accelerated, helped by robust demand in the sector. A recent survey also indicated that businesses displayed the highest level of optimism in over nine years. According to S&P Global's India services purchasing managers' index, the index rose to 61.0 in September 2023, compared to 60.1 in the preceding month. This surpassed projections in a Reuters poll, which had anticipated a slight dip to 59.5.[34][35]

The spectrum of India's services exports encompasses a diverse array of sectors, ranging from information technology (IT)[36] to the provision of medical services by professionals overseas. The RBI, while not providing monthly disaggregated data on services exports, periodically releases a classification of such exports as part of its quarterly balance of payments data. This classification encompasses transport, travel, construction, insurance and pensions, financial services,[37] telecommunications, computer and information services, as well as personal, cultural, recreational services, among other business services.

Within India's services export landscape, software exports retain a dominant position. However, noteworthy is the recent surge in "other business services" exports, which constituted 24 percent of the total services exports in the initial nine months (April–December) of FY23.[38] This marks a notable increase from the 19 percent reported in FY14. This category encompasses a range of services including legal services, accounting, auditing, book-keeping, tax consultancy services, management consulting, managerial and public relations services, as well as advertising, market research, and public opinion polling services.

Exports and imports

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Treemap of product exports from India in 2019.Refined petroleum (mineral products) — 11.89% — US$ 39,179,921,999Diamonds (precious metals) — 6.83% — US$ 22,522,886,639Packaged medicaments (chemical products) — 4.80% — US$ 15,828,914,459Jewellery (precious metals) — 4.28% — US$ 14,119,867,640Cars (transportation) — 2.17% — US$ 7,149,777,105Rice (vegetable products) — 2.09% — US$ 6,901,384,505Vehicle parts (transportation) — 1.46% — US$ 4,826,594,269Crustaceans (animal products) — 1.42% — US$ 4,668,655,172Broadcasting equipment (machines) — 1.31% — US$ 4,334,697,052Raw aluminium (metals) — 1.19% — US$ 3,918,056,211Cyclic hydrocarbons (chemical products) — 1.09% — US$ 3,584,084,326Special purpose ships (transportation) — 1.05% — US$ 3,455,994,357Nitrogen heterocyclic compounds (chemical products) — 1.04% — US$ 3,432,168,178Frozen bovine meat (animal products) — 0.89% — US$ 2,937,150,075Non-retail pure cotton yarn (textiles) — 0.87% — US$ 2,858,990,231Synthetic coloring matter (chemical products) — 0.86% — US$ 2,849,277,199Non-knit women's suits (textiles) — 0.83% — US$ 2,728,235,498Gas turbines (machines) — 0.81% — US$ 2,682,272,521Pesticides (chemical products) — 0.80% — US$ 2,627,167,675Hot-rolled iron (metals) — 0.78% — US$ 2,571,518,931Knit t-shirts (textiles) — 0.78% — US$ 2,563,623,520Iron ore (mineral products) — 0.74% — US$ 2,442,323,220Leather footwear (footwear and headwear) — 0.65% — US$ 2,143,838,584Motorcycles (transportation) — 0.62% — US$ 2,033,424,731Electrical transformers (machines) — 0.61% — US$ 2,007,731,604House linens (textiles) — 0.58% — US$ 1,919,068,033Rubber tires (plastics and rubbers) — 0.57% — US$ 1,894,476,327Ferroalloys (metals) — 0.55% — US$ 1,813,541,415Valves (machines) — 0.52% — US$ 1,726,775,620Raw sugar (foodstuffs) — 0.52% — US$ 1,724,864,320Trunks and cases (animal hides) — 0.49% — US$ 1,611,632,426Transmissions (machines) — 0.45% — US$ 1,478,184,127Unglazed ceramics (stone and glass) — 0.43% — US$ 1,433,291,381Non-knit women's shirts (textiles) — 0.43% — US$ 1,407,583,701Polyacetals (plastics and rubbers) — 0.39% — US$ 1,292,032,172Semi-finished iron (metals) — 0.38% — US$ 1,262,871,685Insulated wire (machines) — 0.37% — US$ 1,214,014,308Non-retail synthetic filament yarn (textiles) — 0.35% — US$ 1,170,059,962Essential oils (chemical products) — 0.35% — US$ 1,166,623,766Engine parts (machines) — 0.35% — US$ 1,156,559,380Aircraft parts (transportation) — 0.35% — US$ 1,154,652,866Non-knit men's suits (textiles) — 0.35% — US$ 1,148,629,725Delivery trucks (transportation) — 0.35% — US$ 1,146,943,178Non-knit men's shirts (textiles) — 0.34% — US$ 1,121,329,980Synthetic filament yarn woven fabric (textiles) — 0.33% — US$ 1,100,691,996Ethylene polymers (plastics and rubbers) — 0.33% — US$ 1,098,869,458Raw cotton (textiles) — 0.33% — US$ 1,096,739,547Light pure woven cotton (textiles) — 0.33% — US$ 1,095,233,618Building stone (stone and glass) — 0.33% — US$ 1,080,751,009Passenger and cargo ships (transportation) — 0.33% — US$ 1,080,630,220Iron structures (metals) — 0.33% — US$ 1,077,707,579Liquid pumps (machines) — 0.32% — US$ 1,067,997,185Blood, antisera, vaccines, toxins and cultures (chemical products) — 0.32% — US$ 1,057,615,832Nucleic acids (chemical products) — 0.32% — US$ 1,048,869,909Raw plastic sheeting (plastics and rubbers) — 0.32% — US$ 1,043,133,554Packing bags (textiles) — 0.31% — US$ 1,019,971,636Other furniture (miscellaneous) — 0.31% — US$ 1,006,556,076Non-knit active wear (textiles) — 0.30% — US$ 989,723,109Other pure vegetable oils (animal and vegetable bi-products) — 0.30% — US$ 984,598,489Combustion engines (machines) — 0.30% — US$ 979,457,887Medical instruments (instruments) — 0.29% — US$ 949,126,795Other iron products (metals) — 0.29% — US$ 948,037,544Pepper (vegetable products) — 0.29% — US$ 940,323,611Vegetable saps (vegetable products) — 0.28% — US$ 914,449,965Antibiotics (chemical products) — 0.27% — US$ 903,951,346Air pumps (machines) — 0.27% — US$ 902,872,376Tractors (transportation) — 0.27% — US$ 902,368,602Coated flat-rolled iron (metals) — 0.27% — US$ 899,926,251Knit babies' garments (textiles) — 0.27% — US$ 893,490,383Leather apparel (animal hides) — 0.27% — US$ 884,224,508Oxygen amino compounds (chemical products) — 0.27% — US$ 880,863,370Low-voltage protection equipment (machines) — 0.27% — US$ 879,881,810Other stainless steel bars (metals) — 0.27% — US$ 873,589,779Tea (vegetable products) — 0.26% — US$ 848,213,621Machinery having individual functions (machines) — 0.25% — US$ 825,575,853Gold (precious metals) — 0.25% — US$ 822,529,077Other cast iron products (metals) — 0.25% — US$ 818,978,633Centrifuges (machines) — 0.24% — US$ 801,251,202Soybean meal (foodstuffs) — 0.24% — US$ 792,460,680Plastic lids (plastics and rubbers) — 0.24% — US$ 785,979,991Excavation machinery (machines) — 0.24% — US$ 784,525,646Knit women's suits (textiles) — 0.23% — US$ 753,340,316Knit sweaters (textiles) — 0.23% — US$ 748,652,875Iron pipe fittings (metals) — 0.22% — US$ 739,976,149Other organic compounds (chemical products) — 0.22% — US$ 721,920,773Granite (mineral products) — 0.22% — US$ 718,250,058Carboxyamide compounds (chemical products) — 0.21% — US$ 706,760,053Coconuts, brazil nuts, and cashews (vegetable products) — 0.21% — US$ 705,778,460Bedspreads (textiles) — 0.21% — US$ 694,651,752Molluscs (animal products) — 0.21% — US$ 689,727,280Other heating machinery (machines) — 0.20% — US$ 669,559,191Stone processing machines (machines) — 0.20% — US$ 657,470,033Bi-wheel vehicle parts (transportation) — 0.20% — US$ 655,845,892Iron fasteners (metals) — 0.20% — US$ 655,672,833Steam boilers (machines) — 0.20% — US$ 653,797,056Knit men's shirts (textiles) — 0.20% — US$ 653,479,425Electrical power accessories (machines) — 0.19% — US$ 641,833,844Hand-woven rugs (textiles) — 0.19% — US$ 637,845,301Propylene polymers (plastics and rubbers) — 0.19% — US$ 635,838,547Saturated acyclic monocarboxylic acids (chemical products) — 0.19% — US$ 634,127,194Coal tar oil (mineral products) — 0.19% — US$ 633,693,114Ball bearings (machines) — 0.19% — US$ 630,024,757Electricity (mineral products) — 0.19% — US$ 610,727,782Electric motors (machines) — 0.18% — US$ 604,311,396Knit women's undergarments (textiles) — 0.18% — US$ 602,340,345Ground nuts (vegetable products) — 0.18% — US$ 595,167,085Precious stones (precious metals) — 0.18% — US$ 590,577,304Amine compounds (chemical products) — 0.18% — US$ 590,442,950Raw tobacco (foodstuffs) — 0.18% — US$ 588,125,909Iron housewares (metals) — 0.18% — US$ 586,701,496Electric motor parts (machines) — 0.18% — US$ 584,155,836Ethers (chemical products) — 0.17% — US$ 576,790,747Electrical control boards (machines) — 0.17% — US$ 572,580,656Other oily seeds (vegetable products) — 0.17% — US$ 570,078,727Other small iron pipes (metals) — 0.17% — US$ 569,748,008Cyclic alcohols (chemical products) — 0.17% — US$ 568,029,213Carboxylic acids (chemical products) — 0.17% — US$ 563,581,033Carbon-based electronics (machines) — 0.17% — US$ 561,694,814Other plastic products (plastics and rubbers) — 0.17% — US$ 557,183,954Other large iron pipes (metals) — 0.17% — US$ 556,215,762Spice seeds (vegetable products) — 0.17% — US$ 553,118,647Knit men's undergarments (textiles) — 0.16% — US$ 542,246,392Processed crustaceans (foodstuffs) — 0.16% — US$ 537,436,793Coffee (vegetable products) — 0.16% — US$ 534,131,129Mattresses (miscellaneous) — 0.16% — US$ 532,543,600Ketones and quinones (chemical products) — 0.16% — US$ 526,853,711Tufted carpets (textiles) — 0.16% — US$ 518,972,273Other rubber products (plastics and rubbers) — 0.16% — US$ 518,645,651Raw zinc (metals) — 0.16% — US$ 515,966,795Non-fillet frozen fish (animal products) — 0.15% — US$ 507,516,991Electric generating sets (machines) — 0.15% — US$ 504,665,970Aluminium oxide (chemical products) — 0.15% — US$ 502,723,242Non-retail synthetic staple fibers yarn (textiles) — 0.15% — US$ 499,140,378Other engines (machines) — 0.15% — US$ 490,759,472Heavy pure woven cotton (textiles) — 0.15% — US$ 486,405,497Large construction vehicles (machines) — 0.14% — US$ 476,615,518Industrial fatty acids, oils and alcohols (chemical products) — 0.14% — US$ 454,705,246Large flat-rolled stainless steel (metals) — 0.14% — US$ 453,791,770Unpackaged medicaments (chemical products) — 0.14% — US$ 445,819,719Other cloth articles (textiles) — 0.13% — US$ 438,567,098Office machine parts (machines) — 0.13% — US$ 436,893,224Other synthetic fabrics (textiles) — 0.13% — US$ 435,118,948Light rubberized knitted fabric (textiles) — 0.13% — US$ 434,353,552Acyclic alcohols (chemical products) — 0.13% — US$ 422,252,437Knit men's suits (textiles) — 0.13% — US$ 417,971,261Rubber footwear (footwear and headwear) — 0.13% — US$ 412,491,065Electric batteries (machines) — 0.12% — US$ 411,835,530Other plastic sheetings (plastics and rubbers) — 0.12% — US$ 408,599,513Cleaning products (chemical products) — 0.12% — US$ 403,514,780Sulfonamides (chemical products) — 0.12% — US$ 402,711,268Scarves (textiles) — 0.12% — US$ 394,750,170Grapes (vegetable products) — 0.12% — US$ 392,842,369Optical fibers (instruments) — 0.12% — US$ 392,524,701Raw lead (metals) — 0.12% — US$ 391,970,001Iron pipes (metals) — 0.12% — US$ 391,247,127Spices (vegetable products) — 0.12% — US$ 388,103,513Synthetic reconstructed jewellery stones (precious metals) — 0.12% — US$ 387,200,079Onions (vegetable products) — 0.12% — US$ 386,632,542Spark-ignition engines (machines) — 0.12% — US$ 379,317,407Copper ore (mineral products) — 0.11% — US$ 377,668,830Baked goods (foodstuffs) — 0.11% — US$ 376,170,218Telephones (machines) — 0.11% — US$ 371,165,344Scented mixtures (chemical products) — 0.11% — US$ 370,486,642Cold-rolled iron (metals) — 0.11% — US$ 367,298,274Polycarboxylic acids (chemical products) — 0.11% — US$ 366,714,723Unsaturated acyclic monocarboxylic acids (chemical products) — 0.11% — US$ 364,826,296Other edible preparations (foodstuffs) — 0.11% — US$ 363,114,129Coffee and tea extracts (foodstuffs) — 0.11% — US$ 362,534,022Acyclic hydrocarbons (chemical products) — 0.11% — US$ 356,850,775Unprocessed synthetic staple fibers (textiles) — 0.11% — US$ 354,943,925Other vegetable residues (foodstuffs) — 0.11% — US$ 354,924,259Electrical ignitions (machines) — 0.11% — US$ 351,545,377Stranded aluminium wire (metals) — 0.11% — US$ 347,546,130Organo-sulfur compounds (chemical products) — 0.11% — US$ 346,490,444Vehicle chassis (transportation) — 0.10% — US$ 342,019,651Metal mountings (metals) — 0.10% — US$ 340,646,366Tanned equine and bovine hides (animal hides) — 0.10% — US$ 338,914,787Rubberworking machinery (machines) — 0.10% — US$ 334,486,405Oxygen heterocyclic compounds (chemical products) — 0.10% — US$ 328,838,073Petroleum gas (mineral products) — 0.10% — US$ 328,766,030Antiknock (chemical products) — 0.10% — US$ 327,824,977Semiconductor devices (machines) — 0.10% — US$ 321,944,661Knotted carpets (textiles) — 0.10% — US$ 320,293,068X-ray equipment (instruments) — 0.10% — US$ 319,400,671Other knit garments (textiles) — 0.10% — US$ 315,650,362Footwear parts (footwear and headwear) — 0.09% — US$ 313,008,757Refined copper (metals) — 0.09% — US$ 307,702,614Uncoated paper (paper goods) — 0.09% — US$ 303,506,536Integrated circuits (machines) — 0.09% — US$ 303,306,546Kaolin coated paper (paper goods) — 0.09% — US$ 301,051,054Stainless steel wire (metals) — 0.09% — US$ 296,979,284Other sea vessels (transportation) — 0.09% — US$ 294,341,160Thermostats (instruments) — 0.09% — US$ 294,294,991Tug boats (transportation) — 0.09% — US$ 289,455,692Perfume plants (vegetable products) — 0.09% — US$ 288,739,229Halogenated hydrocarbons (chemical products) — 0.09% — US$ 288,640,732Hormones (chemical products) — 0.09% — US$ 288,632,765Shaped paper (paper goods) — 0.09% — US$ 287,202,118Steam turbines (machines) — 0.09% — US$ 286,408,171Seats (miscellaneous) — 0.09% — US$ 283,736,390Other aluminium products (metals) — 0.09% — US$ 282,360,885Salt (mineral products) — 0.08% — US$ 277,973,155Vegetable alkaloids (chemical products) — 0.08% — US$ 275,572,414Cement articles (stone and glass) — 0.08% — US$ 274,922,104Phenols (chemical products) — 0.08% — US$ 272,239,105Textile footwear (footwear and headwear) — 0.08% — US$ 269,681,744Interchangeable tool parts (metals) — 0.08% — US$ 269,314,125Brochures (paper goods) — 0.08% — US$ 266,825,793Light fixtures (miscellaneous) — 0.08% — US$ 266,235,945Processed tobacco (foodstuffs) — 0.08% — US$ 264,991,032Processed hair (footwear and headwear) — 0.08% — US$ 264,076,747Glass bottles (stone and glass) — 0.08% — US$ 259,763,804Other carpets (textiles) — 0.08% — US$ 259,507,501Animal food (foodstuffs) — 0.08% — US$ 251,859,513Fish fillets (animal products) — 0.08% — US$ 251,779,053Iron reductions (metals) — 0.08% — US$ 247,908,992Other office machines (machines) — 0.07% — US$ 242,797,047Refrigerators (machines) — 0.07% — US$ 242,339,971Aluminium plating (metals) — 0.07% — US$ 240,861,783Stearic acid (animal and vegetable bi-products) — 0.07% — US$ 239,656,953Embroidery (textiles) — 0.07% — US$ 238,370,539Coconut and other vegetable fibers (textiles) — 0.07% — US$ 237,508,346Textile fiber machinery (machines) — 0.07% — US$ 236,586,425Heavy mixed woven cotton (textiles) — 0.07% — US$ 236,479,493Vitamins (chemical products) — 0.07% — US$ 231,996,649Non-knit babies' garments (textiles) — 0.07% — US$ 227,490,988Other copper products (metals) — 0.07% — US$ 221,447,401Activated carbon (chemical products) — 0.07% — US$ 220,790,114Nitrile compounds (chemical products) — 0.07% — US$ 219,493,114High-voltage protection equipment (machines) — 0.07% — US$ 218,780,603Pens (miscellaneous) — 0.07% — US$ 217,162,109Lifting machinery (machines) — 0.07% — US$ 215,979,372Refractory bricks (stone and glass) — 0.07% — US$ 215,871,811Other processed fruits and nuts (foodstuffs) — 0.07% — US$ 215,214,671Chlorides (chemical products) — 0.07% — US$ 214,619,649Gas and liquid flow measuring instruments (instruments) — 0.06% — US$ 212,109,483Edible offal (animal products) — 0.06% — US$ 211,200,467Special pharmaceuticals (chemical products) — 0.06% — US$ 209,182,271Dried legumes (vegetable products) — 0.06% — US$ 208,981,356Beauty products (chemical products) — 0.06% — US$ 206,876,259Plastic pipes (plastics and rubbers) — 0.06% — US$ 206,847,574Shaving products (chemical products) — 0.06% — US$ 206,470,518Washing and bottling machines (machines) — 0.06% — US$ 206,187,346Cellulose fibers paper (paper goods) — 0.06% — US$ 204,774,221Buses (transportation) — 0.06% — US$ 204,562,612Other coloring matter (chemical products) — 0.06% — US$ 203,056,664Paper notebooks (paper goods) — 0.06% — US$ 202,454,170Plastic housewares (plastics and rubbers) — 0.06% — US$ 199,232,046Air conditioners (machines) — 0.06% — US$ 198,796,630Raw iron bars (metals) — 0.06% — US$ 194,957,061Other organo-inorganic compounds (chemical products) — 0.06% — US$ 193,968,844Railway passenger cars (transportation) — 0.06% — US$ 191,872,115Rubber pipes (plastics and rubbers) — 0.06% — US$ 190,886,294Cast iron pipes (metals) — 0.06% — US$ 190,349,899Ink (chemical products) — 0.06% — US$ 189,349,139Other measuring instruments (instruments) — 0.06% — US$ 188,446,812Imitation jewellery (precious metals) — 0.06% — US$ 185,955,047Knit women's shirts (textiles) — 0.06% — US$ 185,758,141Electrical lighting and signalling equipment (machines) — 0.06% — US$ 185,464,976Metalworking machine parts (machines) — 0.06% — US$ 183,433,764Non-knit women's undergarments (textiles) — 0.06% — US$ 182,720,758Sowing seeds (vegetable products) — 0.05% — US$ 180,565,593Pickled foods (foodstuffs) — 0.05% — US$ 180,468,924Petroleum coke (mineral products) — 0.05% — US$ 179,089,376Metal-rolling mills (machines) — 0.05% — US$ 173,145,609Metal molds (machines) — 0.05% — US$ 173,086,266Sports equipment (miscellaneous) — 0.05% — US$ 172,855,107Carboxyimide compounds (chemical products) — 0.05% — US$ 172,556,133Saddlery (animal hides) — 0.05% — US$ 170,621,886Hydrazine or hydroxylamine derivatives (chemical products) — 0.05% — US$ 170,389,912Knitting machine accessories (machines) — 0.05% — US$ 169,593,797Hair products (chemical products) — 0.05% — US$ 169,233,278Barium sulphate (mineral products) — 0.05% — US$ 168,831,351Blankets (textiles) — 0.05% — US$ 168,361,486Aldehydes (chemical products) — 0.05% — US$ 167,846,082Unprocessed artificial staple fibers (textiles) — 0.05% — US$ 167,262,568Butter (animal products) — 0.05% — US$ 164,812,205Paintings (arts and antiques) — 0.05% — US$ 164,646,639Industrial food preperation machinery (machines) — 0.05% — US$ 164,096,417Other construction vehicles (machines) — 0.05% — US$ 163,751,886Plastic coated textile fabric (textiles) — 0.05% — US$ 162,555,980Vinyl chloride polymers (plastics and rubbers) — 0.05% — US$ 162,058,969Reaction and catalytic products (chemical products) — 0.05% — US$ 161,889,114Orthopedic appliances (instruments) — 0.05% — US$ 161,527,228Other vegetables (vegetable products) — 0.05% — US$ 161,270,217Models and stuffed animals (miscellaneous) — 0.05% — US$ 159,864,042Rubber belting (plastics and rubbers) — 0.05% — US$ 159,417,003Non-woven textiles (textiles) — 0.05% — US$ 159,216,891Bathroom ceramics (stone and glass) — 0.05% — US$ 157,694,852Carbon (chemical products) — 0.05% — US$ 156,834,155Perfumes (chemical products) — 0.05% — US$ 156,281,660Dried vegetables (vegetable products) — 0.05% — US$ 155,206,100Tanned goat hides (animal hides) — 0.05% — US$ 153,384,295Hot-rolled iron bars (metals) — 0.05% — US$ 152,683,856Cement (mineral products) — 0.05% — US$ 151,258,930Amino-resins (plastics and rubbers) — 0.05% — US$ 150,034,677Chocolate (foodstuffs) — 0.04% — US$ 147,691,026Tropical fruits (vegetable products) — 0.04% — US$ 147,416,475Corn (vegetable products) — 0.04% — US$ 147,141,928Trailers (transportation) — 0.04% — US$ 146,762,953Other electrical machinery (machines) — 0.04% — US$ 146,718,268Quaternary ammonium salts and hydroxides (chemical products) — 0.04% — US$ 144,825,719Electrical capacitors (machines) — 0.04% — US$ 144,532,713Paper containers (paper goods) — 0.04% — US$ 144,486,896Wrenches (metals) — 0.04% — US$ 144,009,918Computers (machines) — 0.04% — US$ 142,312,800Other glass articles (stone and glass) — 0.04% — US$ 141,780,249Boat propellers (machines) — 0.04% — US$ 140,554,781Knit socks and hosiery (textiles) — 0.04% — US$ 140,046,030Self-adhesive plastics (plastics and rubbers) — 0.04% — US$ 137,821,340Hard liquor (foodstuffs) — 0.04% — US$ 136,460,893Jams (foodstuffs) — 0.04% — US$ 134,842,786Printed circuit boards (machines) — 0.04% — US$ 134,070,657Other women's undergarments (textiles) — 0.04% — US$ 133,785,287Window dressings (textiles) — 0.04% — US$ 132,480,090Broadcasting accessories (machines) — 0.04% — US$ 130,197,576Aluminium wire (metals) — 0.04% — US$ 127,518,641Cranes (machines) — 0.04% — US$ 127,279,364Sulfonated, nitrated or nitrosated hydrocarbons (chemical products) — 0.04% — US$ 126,245,472Soil preparation machinery (machines) — 0.04% — US$ 125,415,265Other uncoated paper (paper goods) — 0.04% — US$ 124,443,377Confectionery sugar (foodstuffs) — 0.04% — US$ 124,428,107Other hand tools (metals) — 0.04% — US$ 123,472,532Molasses (foodstuffs) — 0.04% — US$ 123,462,598Malt extract (foodstuffs) — 0.04% — US$ 123,089,600Other fruits (vegetable products) — 0.04% — US$ 122,476,323Brooms (miscellaneous) — 0.04% — US$ 121,421,667Antiques (arts and antiques) — 0.04% — US$ 121,206,162Utility meters (instruments) — 0.04% — US$ 120,068,253Boiler plants (machines) — 0.04% — US$ 119,424,573Chemical analysis instruments (instruments) — 0.04% — US$ 118,874,259Synthetic rubber (plastics and rubbers) — 0.04% — US$ 118,565,280Basketwork (wood products) — 0.04% — US$ 118,257,023Stranded iron wire (metals) — 0.04% — US$ 117,610,959Acrylic polymers (plastics and rubbers) — 0.04% — US$ 117,158,691Surveying equipment (instruments) — 0.04% — US$ 115,593,364Video displays (machines) — 0.03% — US$ 115,283,684Wallpaper (paper goods) — 0.03% — US$ 114,749,177Twine and rope (textiles) — 0.03% — US$ 114,650,240Non-retail combed wool yarn (textiles) — 0.03% — US$ 113,864,081Oscilloscopes (instruments) — 0.03% — US$ 113,861,342Rubber sheets (plastics and rubbers) — 0.03% — US$ 113,623,588Non-retail artificial staple fibers yarn (textiles) — 0.03% — US$ 112,503,807Padlocks (metals) — 0.03% — US$ 112,281,613Bells and other metal ornaments (metals) — 0.03% — US$ 111,876,546Metal stoppers (metals) — 0.03% — US$ 111,734,762Aluminium foil (metals) — 0.03% — US$ 110,955,453Other leather articles (animal hides) — 0.03% — US$ 110,289,086Other wood articles (wood products) — 0.03% — US$ 109,736,972Aluminium housewares (metals) — 0.03% — US$ 108,882,462Tool plates (metals) — 0.03% — US$ 108,344,022Industrial printers (machines) — 0.03% — US$ 106,905,175Sheep and goat meat (animal products) — 0.03% — US$ 106,131,230Glass fibers (stone and glass) — 0.03% — US$ 105,564,248Honey (animal products) — 0.03% — US$ 105,398,014Rolled tobacco (foodstuffs) — 0.03% — US$ 105,267,494Clays (mineral products) — 0.03% — US$ 105,224,764Electric furnaces (machines) — 0.03% — US$ 104,840,525Other esters (chemical products) — 0.03% — US$ 104,829,235Flat flat-rolled steel (metals) — 0.03% — US$ 104,562,423Wheat flours (vegetable products) — 0.03% — US$ 103,747,258Flat-rolled stainless steel (metals) — 0.03% — US$ 101,994,847Locomotive parts (transportation) — 0.03% — US$ 101,517,466Other vegetable products (vegetable products) — 0.03% — US$ 100,791,393Other vegetable residues and waste (foodstuffs) — 0.03% — US$ 100,103,374Liquid dispersing machines (machines) — 0.03% — US$ 99,451,056Other steel bars (metals) — 0.03% — US$ 98,508,023Prepared rubber accelerators (chemical products) — 0.03% — US$ 96,580,399Electrical insulators (machines) — 0.03% — US$ 95,592,761Sulfates (chemical products) — 0.03% — US$ 95,375,226Pig iron (metals) — 0.03% — US$ 95,245,923Vegetable and mineral carvings (miscellaneous) — 0.03% — US$ 94,667,304Soap (chemical products) — 0.03% — US$ 94,568,661Cellulose (plastics and rubbers) — 0.03% — US$ 92,814,018Other vegetable oils (animal and vegetable bi-products) — 0.03% — US$ 92,722,408Other stone articles (stone and glass) — 0.03% — US$ 92,550,395Coal briquettes (mineral products) — 0.03% — US$ 92,429,870Iron gas containers (metals) — 0.03% — US$ 92,267,584Titanium ore (mineral products) — 0.03% — US$ 91,891,759Iron blocks (metals) — 0.03% — US$ 91,193,084Razor blades (metals) — 0.03% — US$ 90,271,655Precious metal compounds (chemical products) — 0.03% — US$ 90,011,228Float glass (stone and glass) — 0.03% — US$ 89,809,038Newsprint (paper goods) — 0.03% — US$ 88,777,638Gaskets (machines) — 0.03% — US$ 88,277,990Soybeans (vegetable products) — 0.03% — US$ 88,153,046Party decorations (miscellaneous) — 0.03% — US$ 86,560,834Reclaimed rubber (plastics and rubbers) — 0.03% — US$ 86,269,219Quartz (mineral products) — 0.03% — US$ 85,157,955Animal meal and pellets (foodstuffs) — 0.03% — US$ 84,682,861Weapons parts and accessories (weapons) — 0.03% — US$ 84,656,139Refractory ceramics (stone and glass) — 0.03% — US$ 83,962,436Other paper machinery (machines) — 0.03% — US$ 83,664,961Bananas (vegetable products) — 0.02% — US$ 81,370,996Glues (chemical products) — 0.02% — US$ 80,726,709Sodium or potassium peroxides (chemical products) — 0.02% — US$ 80,702,428Harvesting machinery (machines) — 0.02% — US$ 80,400,860Milling stones (stone and glass) — 0.02% — US$ 80,302,728Styrene polymers (plastics and rubbers) — 0.02% — US$ 79,924,882Nutmeg, mace and cardamons (vegetable products) — 0.02% — US$ 79,765,565Insect resins (vegetable products) — 0.02% — US$ 79,600,885Jute woven fabric (textiles) — 0.02% — US$ 79,582,922Non-fillet fresh fish (animal products) — 0.02% — US$ 78,488,912Rubber inner tubes (plastics and rubbers) — 0.02% — US$ 78,450,652Netting (textiles) — 0.02% — US$ 78,399,002Dental products (chemical products) — 0.02% — US$ 78,284,289Potatoes (vegetable products) — 0.02% — US$ 78,236,522Uncoated kraft paper (paper goods) — 0.02% — US$ 77,944,796Polymer ion-exchangers (plastics and rubbers) — 0.02% — US$ 77,694,271Silicone (plastics and rubbers) — 0.02% — US$ 77,633,031Laboratory reagents (chemical products) — 0.02% — US$ 77,589,205Other cotton fabrics (textiles) — 0.02% — US$ 77,031,896Petroleum jelly (mineral products) — 0.02% — US$ 76,953,254Other nitrogen compounds (chemical products) — 0.02% — US$ 76,503,606Sauces and seasonings (foodstuffs) — 0.02% — US$ 76,308,650Other iron bars (metals) — 0.02% — US$ 75,333,350Non-knit men's undergarments (textiles) — 0.02% — US$ 74,930,692Tanned sheep hides (animal hides) — 0.02% — US$ 74,233,413Granulated slag (mineral products) — 0.02% — US$ 74,071,507Felt or coated fabric garments (textiles) — 0.02% — US$ 73,822,792Sewing machines (machines) — 0.02% — US$ 73,789,900Used clothing (textiles) — 0.02% — US$ 73,684,225Textile processing machines (machines) — 0.02% — US$ 73,052,938Carbonates (chemical products) — 0.02% — US$ 72,998,198Safety glass (stone and glass) — 0.02% — US$ 72,847,147Petroleum resins (plastics and rubbers) — 0.02% — US$ 72,734,337Electric heaters (machines) — 0.02% — US$ 72,533,017Processed fish (animal products) — 0.02% — US$ 71,924,927Hot-rolled stainless steel bars (metals) — 0.02% — US$ 71,359,278Interior decorative glassware (stone and glass) — 0.02% — US$ 71,325,273Pharmaceutical rubber products (plastics and rubbers) — 0.02% — US$ 71,066,303Mill machinery (machines) — 0.02% — US$ 70,903,943Glass working machines (machines) — 0.02% — US$ 70,869,351Friction material (stone and glass) — 0.02% — US$ 70,838,820Candles (chemical products) — 0.02% — US$ 70,455,584Motor-working tools (machines) — 0.02% — US$ 70,207,532Gravel and crushed stone (mineral products) — 0.02% — US$ 69,635,966Small iron containers (metals) — 0.02% — US$ 69,590,059Mixed mineral or chemical fertilizers (chemical products) — 0.02% — US$ 69,431,720Iron springs (metals) — 0.02% — US$ 69,389,901Other processed vegetables (foodstuffs) — 0.02% — US$ 69,021,579Sulphur (mineral products) — 0.02% — US$ 68,152,886Woven fabric of synthetic staple fibers (textiles) — 0.02% — US$ 68,090,911Non-retail mixed cotton yarn (textiles) — 0.02% — US$ 68,051,092Nonaqueous pigments (chemical products) — 0.02% — US$ 68,047,075Plastic floor coverings (plastics and rubbers) — 0.02% — US$ 67,670,257Wood ornaments (wood products) — 0.02% — US$ 67,310,078Preserved vegetables (vegetable products) — 0.02% — US$ 66,533,082Non-knit men's coats (textiles) — 0.02% — US$ 66,502,610Glass mirrors (stone and glass) — 0.02% — US$ 66,457,159Video recording equipment (machines) — 0.02% — US$ 66,067,372Pulley systems (machines) — 0.02% — US$ 66,063,761Electric filament (machines) — 0.02% — US$ 65,511,788Precious metal scraps (precious metals) — 0.02% — US$ 65,173,460Polyamides (plastics and rubbers) — 0.02% — US$ 65,007,322Metal-clad products (precious metals) — 0.02% — US$ 64,881,152Hand tools (metals) — 0.02% — US$ 64,584,285Audio alarms (machines) — 0.02% — US$ 64,336,629Prefabricated buildings (miscellaneous) — 0.02% — US$ 64,254,670Synthetic tanning extracts (chemical products) — 0.02% — US$ 64,206,614Crude petroleum (mineral products) — 0.02% — US$ 63,820,622Industrial furnaces (machines) — 0.02% — US$ 63,543,200Aluminium bars (metals) — 0.02% — US$ 63,454,231Bandages (chemical products) — 0.02% — US$ 63,425,536Rough wood (wood products) — 0.02% — US$ 63,335,749Bovine meat (animal products) — 0.02% — US$ 62,265,540Nonaqueous paints (chemical products) — 0.02% — US$ 62,249,120Other domestic electric housewares (machines) — 0.02% — US$ 61,633,664Compasses (instruments) — 0.02% — US$ 61,524,664Cutlery sets (metals) — 0.02% — US$ 61,418,454Animal organs (animal products) — 0.02% — US$ 61,068,834Other inorganic acids (chemical products) — 0.02% — US$ 60,411,502Hydraulic turbines (machines) — 0.02% — US$ 60,070,452Iron powder (metals) — 0.02% — US$ 59,803,784Scrap copper (metals) — 0.02% — US$ 59,460,541Phenol derivatives (chemical products) — 0.02% — US$ 58,967,095Revolution counters (instruments) — 0.02% — US$ 58,841,546Metal insulating fittings (machines) — 0.02% — US$ 58,330,403Waxes (chemical products) — 0.02% — US$ 58,256,288Silk fabrics (textiles) — 0.02% — US$ 58,179,773Diazo, azo or aoxy compounds (chemical products) — 0.02% — US$ 57,953,323Other printed material (paper goods) — 0.02% — US$ 57,459,548Electric soldering equipment (machines) — 0.02% — US$ 57,432,434Pumice (mineral products) — 0.02% — US$ 57,298,063Blank audio media (machines) — 0.02% — US$ 57,296,689Iron chains (metals) — 0.02% — US$ 56,732,716Legume flours (vegetable products) — 0.02% — US$ 56,409,562Plastic building materials (plastics and rubbers) — 0.02% — US$ 56,380,919Lake pigments (chemical products) — 0.02% — US$ 55,934,911Wood kitchenware (wood products) — 0.02% — US$ 55,866,044Dyeing finishing agents (chemical products) — 0.02% — US$ 55,762,645Cocoa butter (foodstuffs) — 0.02% — US$ 55,704,589Soapstone (mineral products) — 0.02% — US$ 55,505,519Wheat (vegetable products) — 0.02% — US$ 55,219,560Mica (mineral products) — 0.02% — US$ 55,188,532Vegetable or animal dyes (chemical products) — 0.02% — US$ 55,133,372Papermaking machines (machines) — 0.02% — US$ 54,902,500Light synthetic cotton fabrics (textiles) — 0.02% — US$ 54,558,722Matches (chemical products) — 0.02% — US$ 54,445,104Non-knit women's coats (textiles) — 0.02% — US$ 54,328,750Other sugars (foodstuffs) — 0.02% — US$ 54,077,942Curbstones (stone and glass) — 0.02% — US$ 53,884,824Limestone (mineral products) — 0.02% — US$ 53,212,804Used rubber tires (plastics and rubbers) — 0.02% — US$ 53,179,553Nitrogenous fertilizers (chemical products) — 0.02% — US$ 52,872,813Non-iron and steel slag, ash and residues (mineral products) — 0.02% — US$ 52,715,073Woodworking machines (machines) — 0.02% — US$ 52,549,313Opto-electric instrument parts (instruments) — 0.02% — US$ 52,179,448Other locomotives (transportation) — 0.02% — US$ 52,040,914Coated metal soldering products (metals) — 0.02% — US$ 52,002,369Rubber apparel (plastics and rubbers) — 0.02% — US$ 51,834,746Self-propelled rail transport (transportation) — 0.02% — US$ 51,211,918Refractory cements (chemical products) — 0.02% — US$ 51,171,835Starches (vegetable products) — 0.02% — US$ 51,125,796Aluminium cans (metals) — 0.02% — US$ 51,108,962Glazed ceramics (stone and glass) — 0.02% — US$ 50,762,990Cotton waste (textiles) — 0.02% — US$ 50,700,909Other knit clothing accessories (textiles) — 0.02% — US$ 50,452,270Toilet paper (paper goods) — 0.02% — US$ 50,408,135Flexible metal tubing (metals) — 0.02% — US$ 50,277,980Technical use textiles (textiles) — 0.02% — US$ 50,250,296Large flat-rolled iron (metals) — 0.02% — US$ 50,093,458Processed fish (foodstuffs) — 0.02% — US$ 50,068,214Light mixed woven cotton (textiles) — 0.02% — US$ 50,044,467Artificial graphite (chemical products) — 0.02% — US$ 49,669,571Frozen fruits and nuts (vegetable products) — 0.02% — US$ 49,661,255Navigation equipment (machines) — 0.02% — US$ 49,527,004Other frozen vegetables (foodstuffs) — 0.01% — US$ 48,828,718Bicycles (transportation) — 0.01% — US$ 48,722,416Iron nails (metals) — 0.01% — US$ 48,632,207Feldspar (mineral products) — 0.01% — US$ 48,483,245Iron railway products (metals) — 0.01% — US$ 47,879,343Microphones and headphones (machines) — 0.01% — US$ 47,771,732Polyamide fabric (textiles) — 0.01% — US$ 47,758,262Hydrometers (instruments) — 0.01% — US$ 47,738,695Buckwheat (vegetable products) — 0.01% — US$ 47,599,451Narrow woven fabric (textiles) — 0.01% — US$ 47,397,009Prepared cereals (foodstuffs) — 0.01% — US$ 47,021,837Flax woven fabric (textiles) — 0.01% — US$ 46,189,817Other slag and ash (mineral products) — 0.01% — US$ 46,110,590Frozen vegetables (vegetable products) — 0.01% — US$ 45,995,461Forging machines (machines) — 0.01% — US$ 45,675,117Gelatin (chemical products) — 0.01% — US$ 44,938,933Heavy synthetic cotton fabrics (textiles) — 0.01% — US$ 44,869,723Casting machines (machines) — 0.01% — US$ 44,591,597Dextrins (chemical products) — 0.01% — US$ 44,548,585Electromagnets (machines) — 0.01% — US$ 44,190,907Non-retail artificial filament yarn (textiles) — 0.01% — US$ 44,048,388Copper pipes (metals) — 0.01% — US$ 43,425,805Enzymes (chemical products) — 0.01% — US$ 43,270,015Household washing machines (machines) — 0.01% — US$ 43,239,920Monofilament (plastics and rubbers) — 0.01% — US$ 42,851,818Oxometallic or peroxometallic acid salts (chemical products) — 0.01% — US$ 42,640,026Iron wire (metals) — 0.01% — US$ 42,467,370Base metal watches (instruments) — 0.01% — US$ 42,318,957Woven fabrics (textiles) — 0.01% — US$ 42,270,858Dithionites and sulfoxylates (chemical products) — 0.01% — US$ 42,133,668Rock wool (stone and glass) — 0.01% — US$ 42,067,835Artificial filament yarn woven fabric (textiles) — 0.01% — US$ 42,051,439Eggs (animal products) — 0.01% — US$ 41,772,498Looms (machines) — 0.01% — US$ 41,613,121Platinum (precious metals) — 0.01% — US$ 41,403,659Radio receivers (machines) — 0.01% — US$ 40,755,835Explosive ammunition (weapons) — 0.01% — US$ 40,734,981Copper plating (metals) — 0.01% — US$ 40,730,405Marble, travertine and alabaster (mineral products) — 0.01% — US$ 40,701,218Electrical resistors (machines) — 0.01% — US$ 40,569,668Glass beads (stone and glass) — 0.01% — US$ 40,006,878Wadding (textiles) — 0.01% — US$ 39,254,136Copper pipe fittings (metals) — 0.01% — US$ 39,196,628Copper fasteners (metals) — 0.01% — US$ 39,062,309Chlorates and perchlorates (chemical products) — 0.01% — US$ 39,059,008Planes, helicopters, and/or spacecraft (transportation) — 0.01% — US$ 38,978,494Specialized vehicles (transportation) — 0.01% — US$ 38,888,225Copper wire (metals) — 0.01% — US$ 38,622,604Knit gloves (textiles) — 0.01% — US$ 38,604,333Titanium oxides (chemical products) — 0.01% — US$ 38,506,481Alcohol > 80% abv (foodstuffs) — 0.01% — US$ 37,847,303Wood fiberboard (wood products) — 0.01% — US$ 37,714,067Processed egg products (animal products) — 0.01% — US$ 37,359,995Beer (foodstuffs) — 0.01% — US$ 36,674,349Foliage (vegetable products) — 0.01% — US$ 36,557,575Prepared explosives (chemical products) — 0.01% — US$ 36,451,153Instructional models (instruments) — 0.01% — US$ 36,159,365Copper housewares (metals) — 0.01% — US$ 36,148,259Tulles and net fabric (textiles) — 0.01% — US$ 36,047,912Plywood (wood products) — 0.01% — US$ 35,965,059Large iron containers (metals) — 0.01% — US$ 35,532,746Copper bars (metals) — 0.01% — US$ 35,299,817Video and card games (miscellaneous) — 0.01% — US$ 35,190,803Knit men's coats (textiles) — 0.01% — US$ 35,092,173Cheese (animal products) — 0.01% — US$ 34,734,946Coke (mineral products) — 0.01% — US$ 34,067,647Lubricating products (chemical products) — 0.01% — US$ 33,974,790Steel bars (metals) — 0.01% — US$ 33,737,688Concentrated milk (animal products) — 0.01% — US$ 33,693,417Metal lathes (machines) — 0.01% — US$ 33,638,088Garden tools (metals) — 0.01% — US$ 33,439,628Paper labels (paper goods) — 0.01% — US$ 33,238,321Aluminium ore (mineral products) — 0.01% — US$ 32,967,426Values below 0.01% (chemical products) — 0.28% — US$ 934,129,700Values below 0.01% (metals) — 0.22% — US$ 717,880,621Values below 0.01% (textiles) — 0.20% — US$ 675,184,208Values below 0.01% (machines) — 0.15% — US$ 490,210,097Values below 0.01% (vegetable products) — 0.12% — US$ 400,650,793Values below 0.01% (instruments) — 0.08% — US$ 269,307,875Values below 0.01% (stone and glass) — 0.08% — US$ 255,172,913Values below 0.01% (mineral products) — 0.06% — US$ 204,340,675Values below 0.01% (miscellaneous) — 0.06% — US$ 204,287,556Values below 0.01% (animal and vegetable bi-products) — 0.05% — US$ 167,917,722Values below 0.01% (wood products) — 0.05% — US$ 165,272,538Values below 0.01% (foodstuffs) — 0.05% — US$ 148,962,154Values below 0.01% (paper goods) — 0.04% — US$ 146,264,392Values below 0.01% (transportation) — 0.04% — US$ 135,334,258Values below 0.01% (animal products) — 0.04% — US$ 133,300,366Values below 0.01% (plastics and rubbers) — 0.04% — US$ 127,921,311Values below 0.01% (footwear and headwear) — 0.03% — US$ 111,137,584Values below 0.01% (precious metals) — 0.03% — US$ 87,991,441Values below 0.01% (arts and antiques) — 0.01% — US$ 33,776,958Values below 0.01% (animal hides) — 0.01% — US$ 33,224,106Values below 0.01% (weapons) — 0.00% — US$ 9,559,895
Exports of India by product category (2019)
  Chemical products
  Transportation
  Machines
  Mineral products
  Plastics and rubbers
  Metals
  Foodstuffs
  Precious metals
  Textiles
  Instruments
  Animal products
  Vegetable products
  Paper goods
  Footwear and headwear
  Miscellaneous
  Stone and glass
  Wood products
  Animal and vegetable bi-products
  Animal hides
  Arts and antiques
  Weapons

India exports approximately 7500 commodities to about 190 countries, and imports around 6000 commodities from 140 countries.[39]

Pharmaceutical industry

[edit]
This section is an excerpt from Pharmaceutical industry in India.[edit]

The pharmaceutical industry in India was valued at an estimated US$50 billion in FY 2023-24 and is estimated to reach $130 billion by 2030.[40][41] India is often described as the “pharmacy of the world,” supplying around one-fifth of global demand for generic medicines and exporting pharmaceuticals to over 200 countries in 2023–24, with approximately 70% of exports destined for highly regulated markets such as North America and Europe.[42][43] In the United States, Indian pharmaceutical companies supply nearly half of all generic prescriptions by volume.[44][45] India is also the largest vaccine manufacturer globally by volume, accounting for over 60% of the world’s vaccine production.[46]

According to Economic Survey 2023, the turnover in the domestic pharmaceutical market was estimated to be $41 billion.[47] India's pharmaceutical exports revenue was $25.3 billion in fiscal year 2022–23, according to the data released by Pharmexcil.[48] India ranked third globally in terms of dollar value of drugs and medicines exports.[49]

Major pharmaceutical hubs in India are, broadly anticlockwise from the northwest: Baddi, Paonta Sahib, Sikkim, Kolkata, Visakhapatnam, Hyderabad, Bangalore, Mysore, Chennai, Pondicherry, Goa, Mumbai, Navi Mumbai, Pune, Aurangabad, Indore, Pithampur, Ahmedabad, Vadodara, Ankleshwar, and Vapi.

Oil and gas industry

[edit]
This section is an excerpt from Oil and gas industry in India § Foreign trade.[edit]

India is the second biggest oil importer after China and is highly dependent on imported crude oil.[50] The net imports of crude oil rose from 178.973 Mt during 2011–12 to 226.95 Mt during 2020–21. The net imports of natural gas increased from 18 BCM in 2011–12 to 32.86 BCM in 2020–21, recording a CAGR of 9.44%. Despite the dependence on imports, India has developed sufficient processing capacity over the years to produce different petroleum products. As result, India is a net exporter of petroleum products. The export of petroleum products increased from 38.94 Mt in 2008–09 to 56.76 Mt during 2020–21.[51]

India has an 82.8% import dependence for crude oil and 45.3% for natural gas.[52] Due to lack of adequate petroleum reserves, India has to depend mostly on crude oil imports for the near future till its renewable energy resources, such as solar, wind, hydro and biomass, are developed adequately to achieve energy security by replacing petroleum products consumption, which also significantly contributes to air pollution.[53]

India has significantly increased its Russian oil imports since the start of the Russian invasion of Ukraine due to deep discounts, making Russia a top supplier.[54][55] In 2025, several top U.S. officials and political figures have accused India of effectively financing Russia’s war in Ukraine by serving as a major buyer of Russian energy.[56][57] In late 2025, the United States, European Union, and United Kingdom significantly escalated sanctions against Russia's two largest oil producers, Rosneft and Lukoil, to curtail the financing of the war in Ukraine.[58] These measures have significantly disrupted India's oil trade, leading to a sharp decline in imports from these specific entities.[59]

On 19 December 2025, Ukraine’s Security Service (SBU) conducted a first-of-its-kind long-range drone strike on a "shadow fleet" oil tanker in the Mediterranean Sea, targeting a vessel that had recently delivered oil to India.[60]

Diamond Processing

[edit]
This section is an excerpt from Bharat Diamond Bourse § India's diamond industry.[edit]

India's diamond industry, which is estimated to grow by an average 10 to 15 percent each year in the next five years, accounts for 70–75 percent of total diamond exports in the world and employs 850,000 people, making it the largest cutting hub by value and number of employees. Last year, the country's import of rough diamonds rose 24.5 percent to 149.8 million carats against a year earlier, and export of cut and polished diamonds witnessed a surge of 28.3 percent to 59.9 million carats. The old market is located at Opera House and Prasad Chambers (Charni Road).

The cutting and polishing of diamonds occurs mainly in the city of Surat, which is also known as 'Diamond City'. The cutting and polishing units in Surat vary from large firms employing several thousands of diamond cutting and polishing workers to very small informal enterprises having a few workers. The larger Cutting and Polishing of Diamonds (CPD) units have relatively better work and employment conditions and even provide for elaborate benefits. Most of the CPD units are owned by Kathiawadis, who were originally farmers from Northern Gujarat region. The whole diamond cutting and polishing industry is largely community oriented, where most of the owners and workers are Kathiawadis.[61] In the recession of 2008, while many of the small and medium-sized CPD units were closed down with lay-off of workers, there were still some big CPD enterprises who managed to retain their workforce. This was primarily because of the paternal approach of owners, by which they consider workers as extended family members[62]

Automotive Industry

[edit]
This section is an excerpt from Automotive industry in India § Exports.[edit]
2007 Mahindra Scorpio Pickup in service with Italy's CNSAS

In 2025, India became world's third largest manufacturer of vehicles, and exported 50% of its two-wheeler production.[63] India's automobile exports have grown consistently and reached $4.5 billion in 2009, with the United Kingdom being India's largest export market, followed by Italy, Germany, the Netherlands, and South Africa.[64]

According to The New York Times, India's strong engineering base and expertise in the manufacturing of low-cost, fuel-efficient cars has resulted in the expansion of manufacturing facilities of several automobile companies like Hyundai, Nissan, Toyota, Volkswagen, and Maruti Suzuki.[65]

In 2008, Hyundai alone exported 240,000 cars made in India. Nissan planned to export 250,000 vehicles manufactured in its India plant by 2011.[66] Similarly, US automobile company, General Motors had announced its plans to export about 50,000 cars manufactured in India by 2011.[67]

In September 2009, Ford announced its plans to set up a plant in India with an annual capacity of 250,000 cars, for US$500 million. The cars were manufactured both for the Indian market and for export.[68] The company said that the plant was a part of its plan to make India the hub for its global production business.[69] Fiat had announced that it would source more than US$1 billion worth auto components from India.[70]

A Tata Safari on display in Poznań, Poland

In 2009, India (0.23m) surpassed China (0.16m) as Asia's fourth largest exporter of cars after Japan (1.77m), Korea (1.12m) and Thailand (0.26m).[71]

In July 2010, The Economic Times reported that PSA Peugeot Citroën was planning to re-enter the Indian market and open a production plant in Andhra Pradesh that would have an annual capacity of 100,000 vehicles, investing €700M in the operation.[72] Citroën entered the market in 2021 with their first offering being the Citroën C5 Aircross.[73]

2025 Mahindra 3XO at a dealership in India

In recent years, India has emerged as a leading center for the manufacture of small cars. Maruti Suzuki and Hyundai are the two biggest exporters of cars from the country. Nissan also exports small cars from its Indian assembly line. Tata Motors exports its passenger vehicles to several Asian and African markets. In the 2000s, Mahindra & Mahindra prepared to introduce its pickup trucks and small SUV models in the U.S. market, but canceled its plans. As of 2019, it is assembling and selling an off-road vehicle (Mahindra Roxor; not certified for road use) in limited numbers in the U.S.[74] It is also sold in Canada. While the possibilities for the Indian automobile industry are impressive, there are challenges that could thwart future growth. Since the demand for automobiles in recent years is directly linked to overall economic expansion and rising personal incomes, industry growth will slow if the economy weakens.[75]

Mahindra's major overseas markets include Australia, South Africa, New Zealand, United States and South Asia.[76]

Trade statistics

[edit]

Overall foreign trade data in billion US$[77]

FY Merchandise Exports Merchandise Imports Total Merchandise Trade Merchandise Trade Balance Service Exports Service Imports Total Service Trade Service Trade Balance Net Overall Trade
2024-25 437.416 720.243 1157.659 -282.827 387.540 198.717 586.257 +188.823 -94.004
2023-24 437.072 678.215 1115.287 -241.143 341.107 178.324 519.431 +162.783 -78.360

Summary table of recent India foreign trade (in billion $):[78][79][80]

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 112.0 100.9 11.1
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
2015[81] 310.3 447.9 -137.6
2016 262.3 381 -118.7
2017 275.8 384.3 -108.5
2018 303.52 465.58 -162.05
2019 330.07 514.07 -184
2020 314.31 467.19 -158.88
2021 420 612 -192
2022[82] 676.53 760.06 -83.53
2023 770.18 [83] 892.18 -122
2024[84] 820.93 915.19 -94.26

Trading partners of India

[edit]
This section is an excerpt from List of largest trading partners of India.[edit]

According to the Ministry of Commerce and Industry, the twenty-five largest trading partners of India represent 77.6% of total trade by India in the financial year 2025–26.[85] These figures include trade in goods and commodities, but do not include services or foreign direct investment.[86]

The two largest goods traded by India are mineral fuels (refined / unrefined) and gold (finished gold ware / gold metal). In the year 2013–14, mineral fuels (HS code 27) were the largest traded item with 181.383 billion US$ worth imports and 64.685 billion US$ worth re-exports after refining. In the year 2024–2025, gold and its finished items (HS code 71) were the second-largest traded items with 55.846 billion US$ worth imports and 41.692 billion US$ worth re-exports after value addition, and a significant amount of this Gold is being imported from Japan as Gold Chemical Compounds to save duty and import tax free under India-Japan Economic Partnership which is not only hurting import tax revenue but widening trade deficit. These two goods are constituting 53% total imports, 34% total exports and nearly 100% of total trade deficit (136 billion US$) of India in the financial year 2013–14.[87] The services trade (exports and imports) are not part of commodities trade. The trade surplus in services trade is US$70 billion in the year 2017–18.[88]

Counting the European Union (EU) as one, the World Trade Organisation (WTO) ranks India fifth for commercial services exports and sixth for commercial services imports.[89]

The two primary destinations of India's exports are the EU and the United States, whereas the China and the EU are the two primary countries from which India's imports come from.[85] These figures include trade in goods and commodities, but do not include services or foreign direct investment.

See also

[edit]

References

[edit]
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  83. ↑ Mukherjee, Saurav (13 April 2023). "India's overall trade deficit in FY 22-23 jumps to $122 billion, says govt". mint. Archived from the original on 16 November 2023. Retrieved 7 October 2023.
  84. ↑ "The cumulative exports (merchandise & services) during FY 2024-25 (April-March) is estimated to grow by 5.50% at US$ 820.93 Billion, as compared to US$ 778.13 Billion in FY 2023-24 (April-March)". Press Information Bureau: Government of India. Retrieved 16 April 2025.
  85. 1 2 "Export Import Data Bank". Ministry of Commerce and Industry.{{cite web}}: CS1 maint: url-status (link)
  86. ↑ "Monitoring dash board". Department of Commerce. Retrieved 9 August 2025.
  87. ↑ "Total Trade :: 25 Top countries". commerce.nic.in. Archived from the original on 22 October 2018. Retrieved 20 December 2015.
  88. ↑ "Statistics - Services Export Promotion Council". Department of Commerce. Archived from the original on 11 November 2018. Retrieved 20 December 2015.
  89. ↑ "Trade Profiles 2017" (PDF). World Trade Organization. pp. 170–171. Archived (PDF) from the original on 14 June 2018. Retrieved 26 February 2023.
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