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List of largest trading partners of India

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According to the Ministry of Commerce and Industry, the fifteen largest trading partners of India represent 61.67% of total trade by India in the financial year 2022–23.[1] These figures include trade in goods and commodities, but do not include services or foreign direct investment.

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 558.465 billion US$ worth imports and 41.692 billion US$ worth re-exports after value addition. 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.[2] 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.[3]

Counting the European Union (EU) as one, the World Trade Organisation ranks India fifth for commercial services exports and sixth for commercial services imports.[4]

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.[1] These figures include trade in goods and commodities, but do not include services or foreign direct investment.

Largest trading partners with India

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(Financial Year 2023–24) in $[1]

Exports Imports Total Trade Trade Balance
$770.18 billion $892.18 billion $1662.36 billion -$122 billion

India exported about $450 billion merchandise in the financial year 2022-2023 and about $323 billion of services exports in the same financial year. India's largest trade partners with their total trade (sum of imports and exports) in billions of US dollars for the financial year 2023–24 were as follows:[1]

Rank Country Exports Imports Total Trade Trade Balance
-  GCC 56.32 105.49 161.82 -49.17
-  European Union 75.93 59.38 135.31 16.55
-  ASEAN 41.21 79.67 120.88 -38.46
1  China 16.66 101.75 118.41 -85.09
2  United States 77.52 40.77 118.29 36.74
3  United Arab Emirates 35.63 48.02 83.65 -12.39
4  Russia 4.26 61.43 65.69 -57.17
5  Saudi Arabia 11.56 31.81 43.37 -20.25
6  Singapore 14.41 21.20 35.61 -6.79
7  Iraq 3.35 30.00 33.35 -26.65
8  Indonesia 5.99 23.41 29.40 -17.42
9  Hong Kong 8.24 20.45 28.69 -12.21
10  South Korea 6.42 21.14 27.56 -14.72
11  Netherlands 22.37 4.97 27.34 17.40
12  Germany 9.84 16.27 26.11 -6.43
13  Australia 7.94 16.16 24.10 -8.22
14  Japan 5.16 17.70 22.86 -12.54
15   Switzerland 1.53 21.24 22.77 -19.71
16  United Kingdom 12.92 8.42 21.34 4.50
17  Malaysia 7.26 12.75 20.01 -5.49
18  South Africa 8.71 10.54 19.25 -1.83
19  Belgium 7.84 7.24 15.08 0.60
20  Thailand 5.04 9.91 14.95 -4.87
21  Vietnam 5.47 9.35 14.81 -3.86
22  Italy 8.77 5.80 14.56 2.97
23  Qatar 1.70 12.38 14.08 -10.68
24  France 7.14 6.24 13.38 0.90
6  Bangladesh 11.06 1.84 12.91 9.22
- Remaining Countries 130.33 114.64 244.97 15.69
India's Total 437.11 675.43 1112.54 -238.32

Countries to which India is the largest trading partner

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India is the primary export or import partner of several countries. The percentages on these tables are based on 2017 data as shown on the CIA World Factbook.

Exports from these countries to India[5]
Region Percentage
 Bhutan 95.3%
 Guinea-Bissau 67.1%
 Afghanistan 56.5%
   Nepal 53.1%
 Nigeria 30.6%
 Mozambique 28.1%
 Ghana 23.8%
 Tanzania 21.8%
 Iraq 21.2%
 United Arab Emirates 10.1%
Imports by these countries from India[6]
Region Percentage
 Bhutan 89.5%
   Nepal 70.2%
 Sri Lanka 22.0%
 Burundi 18.5%
 Mauritius 17.9%
 Tanzania 16.5%

Export partners

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India exports approximately 7500 commodities to about 192 countries.[7] The following table shows India's 10 largest destinations for exports in 2023–24.[1]

Rank Country Value (US$ billion) Share of overall exports
1  United States 77.52 17.73%
2  United Arab Emirates 35.62 8.15%
3  Netherlands 22.37 5.12%
4  China 16.66 3.81%
5  Singapore 14.14 3.30%
6  United Kingdom 12.92 2.96%
7  Saudi Arabia 11.56 2.65%
8  Bangladesh 11.06 2.53%
9  Germany 9.84 2.25%
10  Italy 8.77 2.01%

Import partners

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India imports around 6000 commodities from 140 countries.[7] The following table shows India's 10 largest sources of imports in 2023–24.[1]

Rank Country Value (US$ billion) Share of overall imports
1  China 101.75 15.06%
2  Russia 61.43 9.10%
3  United Arab Emirates 48.02 7.11%
4  United States 40.77 6.04%
5  Saudi Arabia 31.81 4.71%
6  Iraq 30.00 4.44%
7  Indonesia 23.41 3.47%
8   Switzerland 21.24 3.14%
9  Singapore 21.20 3.14%
10  South Korea 21.14 3.13%

See also

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India related
Lists

References

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  1. ^ a b c d e f "Export Import Data Bank". Ministry of Commerce and Industry. Archived from the original on 25 April 2023. Retrieved 13 May 2023.
  2. ^ "Total Trade :: 25 Top countries". commerce.nic.in. Archived from the original on 22 October 2018. Retrieved 20 December 2015.
  3. ^ "Statistics - Services Export Promotion Council". Department of Commerce. Archived from the original on 11 November 2018. Retrieved 20 December 2015.
  4. ^ "Trade Profiles 2017" (PDF). World Trade Organization. pp. 170–171. Archived (PDF) from the original on 14 June 2018. Retrieved 26 February 2023.
  5. ^ "Exports – partners". The World Factbook. Archived from the original on June 13, 2007. Retrieved 2018-10-21.
  6. ^ "Imports – partners". The World Factbook. Archived from the original on June 13, 2007. Retrieved 2018-10-21.
  7. ^ a b Macroeconomics and Elementary Statistics. FK Publications. ISBN 9788187140900.
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