Key Highlights:
India's overall foreign trade exceeded $1 trillion in November, with exports of $422.23 billion and imports of $625.87 billion.
The Largest trading partners of India is the United States with a total trade volume of over $71.39 billion in 2023 and a trade surplus of more than $24 billion.
China is the second-largest trading partner of India, with a total trade volume of more than $104.32 billion in 2023, although it has a considerable trade deficit of $77.12 billion.
The List of largest trading partners of India include the UAE, Saudi Arabia, Russia, Indonesia, Iraq, Singapore, Hong Kong, and South Korea.
India's major exports are pharmaceuticals, textiles, gems, and jewellery, while its main imports are crude oil, machinery, and chemicals.
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India is a rapidly expanding economy with a large and diversified population. As a result, there is a high demand for imports and exports. The country's trade is crucial to its economic growth and development. Look into a country with a population greater than 1.3 billion, a thriving economy, and a growing need for imports and exports. That's India, a global commerce strength focused on the future. But who are its major trading partners in India or updated India trading partners, and what does the future hold for this thriving market?
This blog post will explore India's major trading partners, the top imports and exports, and the future of India's trade.
India's total foreign trade this calendar year surpassed $1 trillion in November. Until November, India exported $422.23 billion in commodities and services, while it imported $625.87 billion.
According to India Trade Data, India's external trade deficit was $203 billion during the first 11 months of the current calendar year; however, it has fallen by $40 billion over the same period the previous year.
|
Category |
Value (in Billion USD) |
Change from Previous Year |
|
Total Trade |
1000+ (surpassed in November) |
N/A |
|
Exports |
422.23 |
N/A |
|
Imports |
625.87 |
N/A |
|
Trade Deficit |
203 |
-40 (down from the previous year) |
The United States is India's biggest trading partner, with bilateral trade totaling about $100 billion as of October of this year. With exports of $63.36 billion and total imports of $36.50 billion, India has the greatest trade surplus of more than $26 billion with the United States.
India's trade landscape is vast and ever-changing. However, some countries consistently rank as India's major trading partners. India exported approximately $450 billion in products and $323 billion in services during the fiscal year 2022-2023. The following are India's top trading partners and their total trade (sum of imports and exports) in billions of US dollars for the fiscal year 2022–23.
Now it's time to look at the major trading partners or the updated list of largest trading partners of India:
|
Rank |
Country(Major Trading Partners) |
Exports (USD Billion) |
Imports (USD Billion) |
Total Trade (USD Billion) |
Trade Balance (USD Billion) |
|
1 |
United States |
71.39 |
46.82 |
118.21 |
24.57 |
|
2 |
China |
13.6 |
90.72 |
104.32 |
-77.12 |
|
3 |
United Arab Emirates |
28.76 |
48.88 |
77.64 |
-20.12 |
|
4 |
Saudi Arabia |
9.69 |
38.62 |
48.32 |
-28.93 |
|
5 |
Russia |
2.8 |
41.56 |
44.37 |
-38.75 |
|
6 |
Indonesia |
9.06 |
26.89 |
35.95 |
-17.83 |
|
7 |
Iraq |
2.33 |
31.52 |
33.86 |
-29.18 |
|
8 |
Singapore |
11 |
21.7 |
32.7 |
-10.7 |
|
9 |
Hong Kong |
9.36 |
16.31 |
25.68 |
-6.95 |
|
10 |
South Korea |
6.10 |
19.26 |
25.35 |
-13.16 |
United States: The United States is India's largest trading partner, with a total trade volume of over $71.39 billion in 2023. The US is a major source of imports for India, including crude oil, machinery, and chemicals. India's main exports to the US include pharmaceuticals, textiles, gems, and jewelry.
China: China is India's second-major trading partner, with a total trade volume of over $13.6 billion in 2023. China is a major supplier of electronics, machinery, and chemicals to India. India's main exports to China include iron ore, cotton, and marine products.
United Arab Emirates (UAE): The UAE is the third-largest trading partner of India, with a total trade volume of over $28.76 billion in 2023. The UAE is India's major source of crude oil and natural gas. India's main exports to the UAE include petroleum products, textiles, and rice.
Saudi Arabia: Saudi Arabia is a top trading partner of India, accounting for $9.69 billion in total trade in 2023. India largely buys crude oil and natural gas from Saudi Arabia, resulting in a trade deficit of $28.93 billion. However, India does export pharmaceuticals, textiles, and rice to the kingdom.
Russia: Russia is a major trading partner of India, ($44.37 billion in total commerce), largely imports fertilizers, diamonds, and defense equipment from them, resulting in a $2.8 billion trade imbalance. However, India does export pharmaceuticals, tea, and spices.
Indonesia: Indonesia, ranked sixth with $35.95 billion in trade, has a more balanced relationship, with approximately equal exports and imports. India largely exports pharmaceuticals, grains, and electrical machinery and imports coal, palm oil, and paper products.
Iraq: India's seventh-largest trading partner, with a total trade volume of $33.86 billion. However, it Mainly buys crude oil from Iraq, resulting in a $29.18 billion trade deficit. According to India's export data, Pharmaceuticals, grains, and spices are among the commodities exported.
Singapore: Singapore is Eighth major trading partner of India, with a total trade volume of over $11 billion in 2023. Singapore is a key financial hub and trading center for India. India's main exports to Singapore include petroleum products, chemicals, gems, and jewelry.
Hong Kong: Hong Kong, India's tenth partner at $25.68 billion, is a re-export hub, resulting in a $6.95 billion imbalance. India exports precious stones, pharmaceuticals, and machinery but buys electronics, gold, and toys.
South Korea: Finally, South Korea ranks tenth with $25.35 billion, indicating a slightly export-heavy trade. India exports vehicles, steel, and pharmaceuticals while receiving electronic components, semiconductors, and machinery from them.
So, these are the top 10 trading partners of India. However, the country's commercial ties are complicated and multifaceted and change over time. It is recommended for traders to gain the global market report from the best market research source. Eximpedia is one of the best market research platforms that provides statistics for top trading partners, India trading partners product-wise HS codes, and much more.
Now, let's have a look at export partners of India!
Looking for a List of Largest Trading Partners? Here is the updated list:
Now, let's have a look at export partners of India!
Did you know? India's major export destinations, Netherlands and Brazil, surge ahead in FY 2023.
|
Rank |
Country |
Value (US$ billion) |
Share of overall exports |
|
1 |
United States |
71.39 |
17.45% |
|
2 |
United Arab Emirates |
28.76 |
7.03% |
|
3 |
Netherlands |
18.53 |
4.53% |
|
4 |
China |
13.60 |
3.33% |
|
5 |
Singapore |
11.00 |
2.69% |
|
6 |
United Kingdom |
10.27 |
2.51% |
|
7 |
Saudi Arabia |
9.69 |
2.37% |
|
8 |
Hong Kong |
9.36 |
2.29% |
|
9 |
Germany |
9.21 |
2.25% |
|
10 |
Brazil |
9.19 |
2.25% |
However, India's top export destinations include the United States, the United Arab Emirates, the Netherlands, China, Bangladesh, Singapore, Brazil, the United Kingdom, Saudi Arabia, Indonesia, Germany, and Hong Kong.
During April–November 2022, the Netherlands and Brazil surpassed their former places on India's list of export destinations. According to India export data, the Netherlands is the largest India trading partner, and Brazil, India's 20th-greatest export destination from April to October 2021, is now ranked eighth.
During the first eight months of fiscal year 2023, the United States and the United Arab Emirates maintained their top positions. Indian exports diversified and expanded into non-traditional markets such as Africa, Latin America, and Oceania. During the current fiscal year, India's exports to Tanzania increased greatly, primarily due to petroleum and diesel.
India imports approximately 6000 items from 140 nations. The table below shows India's top 10 largest import partners for 2022-23.
Let’s explore the table below!
| Rank |
Largest trading import partners |
Value (US$ billion) | Share of overall imports |
| 1 | China | 90.72 | 13.83% |
| 2 | United Arab Emirates | 48.88 | 7.45% |
| 3 | United States | 46.82 | 7.14% |
| 4 | Russia | 41.56 | 6.33% |
| 5 | Saudi Arabia | 38.62 | 5.89% |
| 6 | Iraq | 31.52 | 4.84% |
| 7 | Indonesia | 26.89 | 4.10% |
| 8 | Singapore | 21.70 | 3.31% |
| 9 | South Korea | 19.26 | 2.94% |
| 10 | Australia | 17.50 | 2.67% |
Also read: Mushroom export data of India: A Comprehensive Analysis
The future of India's trade is bright. The country's economy is expected to continue growing rapidly, which will lead to increased demand for imports and exports. However, major trading partners in India are also investing heavily in infrastructure and education, making it an even more attractive destination for foreign investment. Additionally, India is actively engaged in trade negotiations with several countries, which could further boost its trade volumes.
India is moving away from exporting raw materials and towards exporting value-added products. It is a trend that will continue as India's manufacturing sector becomes more sophisticated.
In conclusion, major trading partners of India are on a strong growth trajectory. The country is well-positioned to exploit the opportunities emerging in the global trade landscape. By addressing the challenges and capitalizing on the opportunities, India can continue to grow its trade and become a major player in the global economy.
If you want to learn more about Major Trading Partners of India, don't hesitate to contact Eximpedia.app. We also give export and import data for all the global countries. So, if you need market insights on the largest trading partners of India, our skilled professionals will assist you in growing your firm in the international trade industry. To book a free live demo, connect with our professionals and expand your trade business in the global market.
Frequently Asked Questions(FAQ's)
The United States is India's top export partner, with a combined trade volume of more than $71.39 billion in 2023. India relies heavily on imports from the United States, particularly crude oil, machinery, and chemicals. Pharmaceuticals, textiles, gemstones, and jewellery are India's major exports to the United States.
The United States is a major Trading Partners of India with bilateral trade totaling about $100 billion as of October of this year.
The United States was largest trading partner of India in 2022-23. Bilateral trade between India and the United States increased 7.65% to USD 128.55 billion in 2022-23, compared to USD 119.5 billion in 2021-22.
According to India export import data, these are the top 10 trading partners of India in 2023:
United States
United Arab Emirates
Netherlands
China
Singapore
United Kingdom
Saudi Arabia
Hong Kong
Germany
Brazil
The United States is the world's second-largest trading partner, after only China, with over $7.0 trillion in exports and imports of goods and services in 2022.
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