India's Trade Overview
As of 2023, India stands as the world's 15th largest importer and 18th largest exporter. Its trade policy has evolved, focusing on liberalization and economic reforms to increase international trade.
Top Export Commodities
India's primary exports include refined petroleum, diamonds, pharmaceutical products, jewelry, and machinery. Notably, India is one of the largest exporters of generic drugs globally, bolstering its export economy.
Significant Import Goods
Crude oil dominates India's imports, followed by gold, coal, palm oil, and electronic devices. India's heavy reliance on energy imports highlights its need for a diversified energy strategy.
Emerging Export Sectors
India is seeing substantial growth in the export of software services and technology-driven sectors. Surprisingly, it's also a major exporter of textiles and garments, reflecting its rich cultural heritage.
Trade Partnerships
The United States and China are among India's top trading partners. Recently, India has engaged in new trade agreements with Australia, the UK, and the UAE, expanding its global trade footprint.
Export Challenges
Despite growth, India grapples with challenges such as infrastructure bottlenecks, complex regulations, and a trade deficit primarily due to its massive oil imports.
Trade Reforms Impact
India's adoption of GST and digitization of customs processes has streamlined trade. Surprisingly, this has improved the ease of doing business, inviting more foreign investment and trade opportunities.
What is India's rank as an exporter?
15th largest globally
18th largest globally
20th largest globally
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