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Foreign trade figures of India

Foreign Trade in Figures

India used to be a protectionist state for a long time, but the country has become progressively more open to international trade. Currently, trade represents 46% of its GDP (World Bank). According to figures from the Ministry of Commerce, in the 2023-24 FY, exports were led by mineral fuels and oils (20.0%), electrical machinery and equipment (7.9%), pearls, precious stones, and jewellery (7.5%), nuclear reactors, boilers, and machinery (6.9%), pharmaceutical products (5.1%), vehicles and parts (4.8%), and organic chemicals (4.6%); whereas imports comprised chiefly mineral fuels and oils (32.3%), electrical machinery and equipment (11.7%), pearls, precious stones, and jewellery (11.6%), nuclear reactors, boilers, and machinery (8.5%), organic chemicals (3.9%), plastic and articles (3.2%), and iron and steel (2.7%).

In the same period, India’s main export partners were the U.S. (17.7%), the United Arab Emirates (8.2%), the Netherlands (5.1%), China (3.8%), Singapore (3.3%), and the United Kingdom (3%). The main import origins were China (15.0%), Russia (9.0%), the United Arab Emirates (7.1%), the U.S. (6.2%), Saudi Arabia (4.6%), Iraq (4.4%), and Indonesia (3.5% - data Ministry of Commerce). The country has signed numerous free trade agreements, including one recently signed with Mercosur. However, the trade regime and regulatory environment still remain relatively restrictive.

The country's trade balance is structurally negative, given that India imports nearly 80% of its energy needs. However, as India benefits from the fluctuations in world hydrocarbon prices for its imports, the trade deficit has been oscillating for the past few years. In 2023, India exported USD 432 billion worth of goods, while imports accounted for USD 672.6 billion (-4.7% and -6.6% y-o-y, respectively). According to WTO figures, in the same year, exports of services amounted to USD 344.5 billion (+11.3% y-o-y), whereas the imports stood at USD 248.3 billion (stable y-o-y). The overall trade deficit for 2023 was estimated at 2.2% of GDP by the World Bank. According to the latest figures from the Ministry of Commerce and Industry, cumulative exports of goods and services during April-December 2024 were estimated at USD 602.6 billion, reflecting a 6% increase from USD 568.36 billion in the same period of 2023.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 486,059373,202573,092720,441672,667
Exports of Goods (million USD) 324,340276,410395,426453,415432,001
Imports of Services (million USD) 179,430153,782195,956249,391248,356
Exports of Services (million USD) 214,762203,401240,660309,372344,500

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 39.937.845.450.045.9
Trade Balance (million USD) -157,678-95,450-176,721-267,188-245,473
Trade Balance (Including Service) (million USD) -73,452-8,342-74,039-134,661-86,330
Imports of Goods and Services (Annual % Change) -0.8-12.622.110.610.9
Exports of Goods and Services (Annual % Change) -3.4-7.029.613.42.6
Imports of Goods and Services (in % of GDP) 21.219.124.026.824.1
Exports of Goods and Services (in % of GDP) 18.718.721.423.221.8

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 3.54.13.83.73.7
Volume of imports of goods and services (Annual % change) 4.46.06.15.96.0

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
India is a member of the following international economic organisations: IMF, South Asian Association for Regional Cooperation (SAARC), Association of Southeast Asian Nations (ASEAN) (dialogue partner), ICC, Colombo Plan, Commonwealth, G-15, G-20, G-24, G-77, WTO, among others. For the full list of economic and other international organisations in which participates India click here. International organisation membership of India is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by India can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United States 17.6%
United Arab Emirates 7.7%
Netherlands 5.4%
China 3.8%
United Kingdom 2.9%
See More Countries 62.8%
Main Suppliers
(% of Imports)
2023
China 18.1%
Russia 10.0%
United States 6.3%
United Arab Emirates 5.6%
Saudi Arabia 5.2%
See More Countries 54.9%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

431.4 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 19.7%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 4.4%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 4.2%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.6%
Articles of jewellery and parts thereof, of...Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal (excl. articles > 100 years old) 2.9%
See More Products 65.1%
672.1 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 20.9%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 6.3%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 5.5%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.7%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 3.3%
See More Products 60.3%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: March 2025