31-Jul-2020
Trade includes the import and export to and from India. Foreign trade is a vital part of any economy. Before 1991 India was a closed economy, custom duty on imports was high, and imports were monitored and restricted. After liberalization, the Indian economy saw improvements because of foreign investments. Today India stands third in purchasing parity in the world and is one of the largest importers in the world. The Ministry of Commerce and Industry monitors foreign trade.
Foreign trade data is a good indicator of the economic condition of the country. International trade is a significant contribution to the country’s economy. In 2018 international trade was 43.41% of India’s GDP. Analysts and traders study 2 types of trade data:-
India Trade Data shows that the trade deficit for 2019 was 118.1 billion USD. The current covid19 outbreak has seen India’s exports and imports reduce significantly for the 4th consecutive month by 12.4% YOY and 47.6% YOY respectively. India recorded a trade surplus of 0.8 billion USD. The last trade surplus was recorded in 2002. This also indicated the shrinking of the domestic market.
India import-export trade data shows India imported products of 480 billion USD in 2019 and exported goods worth 322.8 billion USD in 2019.
India exported 4450 products to 222 countries and 4,343 products from 220 countries. India is the 19th largest exporter and the 11th largest importer in the world.
India import-export trade data shows the main exports of India are Petroleum products, Mineral fuels including oil, Gems, precious metals, Machinery including computers, Organic, Electrical machinery, equipment, chemicals, iron, steel, and Pharmaceuticals products. The main imports of India are Crude petroleum, gold, pearls, precious stones, petroleum products, Telecom instruments, electronic components, industrial machinery, electronic components, Animal/vegetable fats, oils, waxes, Plastics, plastic articles, and medical apparatus.
The top trade partners of India in 2019 are:-
Major Traders India
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