Post-Independence India started as a mainly agrarian economy. Over the years India has emerged the manufacturing and service sector hub. Today the service sector contributes over 60% to the economy and employees 28% employment. India is the fastest-growing trillion-dollar economy. It is the 5th largest overall economy is a nominal GDP of 2.94 trillion USD. India’s markets with its young and large population have always been attractive. The strength of the economy lies in the limited dependence on export, high saving rates, young demographics, and growing middle class. India is 3rd purchasing power parity and is the 8th largest importer in the world. India’s major exports are mineral fuel, gems and jewelry, and machinery. India is a member of many trade agreements including the Asia-Pacific Trade Agreement (APTA), the South Asian Association for Regional Cooperation (SAARC), and the World Trade Organization (WTO). The USA recently overtook China and emerged as India’s top trading partner.
The bilateral and trade relations between India and the US have been growing steadily. USA emerged as India’s largest trade partner while India is the USA’s 8 largest trade partner. The total trade between the two nations including goods and services is 142 billion USD. The trade relationships between India and the US were dominated by goods accounting for 62% of the total trade and services contributed 38% of the trade between the nations. The import of commodities to India from the USA is valued at 22.8 billion dollars. The total exports of goods from India to the USA were valued at 44.3 billion USD.
Major exports of India to USA are:-
Major imports of India from USA are:-
The booming trade between India and China has been one of the strongest pillars in India China relationship. The bilateral trade between the two nations has helped improve ties between the two countries. This has contributed to the peace and security of the region. The bilateral trade 92.68 billion USD between China and India. This showed a marginally dip from 95.7 billion USD. India’s trade deficit with China declined to 56.77 USD from 58 USD in 2018.
Major products exported from India to China are:-
India is the largest exporter of coffee, tea, mate, and spices to China with 46.97% share valued at 168.42 million USD. India is also the 2nd largest exporter of cotton in China. India is the largest exporter of diamonds.
Major products imported from China into India are-
The import of machinery has been showing a steady decline of 20% for the last four years. The imports of fertilizers have shown a sharp increase in imports. India is China’s largest export destination for fertilizer.
UAE is India’s third-largest trade partner with bilateral trade of 60 billion USD. Imports from the UAE to India reached 29.8 billion USD. Exports from India to UAE were valued at 29.8 billion dollars. The two nations have set a target for trade relations to reach 100 billion USD by 2020. India is the UAE's 2nd largest partner. India is also the 3rd largest investor in the UAE.
Major exports of India to the UAE are:-
Major imports of India from the UAE are:-
The Hong Kong bilateral relations with India can be traced back to the 1840s when both were British Colonies. In recent years the trade relations between Hong Kong and India have progressed rapidly. The total bilateral trade between India and Hong Kong is 29.19 billion USD. India is the 7th largest trade partner in Hong Kong. Imports from Hong Kong to India was 20.34 billion USD Hong Kong is India’s 4th largest export market. Exports from India to Hong Kong were valued at 3.8 billion USD in 2019. The massive continuous protest in Hong Kong last year saw a dip in exports.
Major exports of India to Hong Kong are:-
Major imports of India from Hong Kong are:-
The bilateral trade relations between India and Singapore have usually been strong. Singapore is India's biggest trade partner in the ASEAN (Association of Southeast Asia). The ASEAN group of nations account for 9.5% of India’s exports. Within ASEAN nations Singapore absorbs 4.5% of the exports. Exports between India and Singapore were 12 billion USD. Imports from Singapore to India were 7.26 billion dollars.
Major exports of India to Singapore are:-
Major imports of India from Singapore are:-
The bilateral trade between India and Germany was 21.93 billion USD. Imports from Germany to India reached 13.85 billion USD. Exports from India to Germany were valued at 8.95 billion dollars.
Major exports of India to Germany are:-
Major imports of India from Germany are:-
The trade relationship between India and the UK is constantly evolving. The bilateral trade between India and UK was 18.87 billion USD. India is the UK's 13th largest exporter was 9.75 billion USD. The UK imported 7.05 billion USD.
Major exports of India to the United Kingdom are:-
Major imports of India from the United Kingdom are:-
India exports to the Netherlands were 8.66 billion USD. Netherlands imports to India were 3.67 billion USD.
Major exports of India to the Netherlands are:-
Major imports of India from the Netherlands are:-
The bilateral trade between India and Bangladesh was 9.8 billion USD. About 50% of bilateral trade between India and Bangladesh happened through the land port. This often results in loading and unloading delays. Imports from Bangladesh to India reached 0.87 billion USD. Exports from India to Bangladesh were valued at 8.6 billion dollars.
Major exports of India to Bangladesh are:-
Major imports of India from Bangladesh are:-
India exports to Nepal were 7.3 billion USD. India imports from Nepal were 398.6 million.
Major exports of India to Bangladesh are:-
Major imports of India from Nepal are:-
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