At present the Indian economy has become the 5th largest economy (nominal GDP) in the world. The government of India has set up an export target of $900 billion by 2020 in the Foreign Trade Policy 2015-2020. This target is just double to its total export of $465.9 billion in 2013-14.
This article is based on the export and import partner countries of India. This list is very important for various competitive exams to be held in India.
What India export?
Petroleum products, Mineral fuels including oil, Gems, precious metals, Machinery including computers, Organic, Electrical machinery, equipment, chemicals, iron, steel, and Pharmaceuticals products.
What India Imports?
Crude petroleum, gold, pearls, precious stones, petroleum products, Telecom instruments, electronic components, industrial machinery, electronic components, Animal/vegetable fats, oils, waxes, Plastics, plastic articles, and medical apparatus.
Top 10 Import sources of India are;
| Country | Export value (2018-19) US$ Billion | Percentage Share(2018-19) |
| 1. China PRP | 70.32 | 13.68 |
| 2. USA | 35.55 | 6.92 |
| 3.United Arab Emirates | 29.78 | 5.79 |
| 4.Saudi Arab | 28.48 | 5.54 |
| 5.Iraq | 22.37 | 4.35 |
| 6.Switzerland | 18.08 | 3.52 |
| 7.Hong Kong | 17.99 | 3.50 |
| 8.Korea RP | 16.76 | 3.26 |
| 9.Singapore | 16.28 | 3.17 |
| 10.Indonesia | 15.85 | 3.08 |
So China is the biggest source of Indian import. Chinese exports to India was $74.72 billion in 2019 while Indian export to China was just $17.95 billion in the same year. so India has a trade deficit of $56.77 billion with China.
Top 10 Largest export destination of India are;
| Country | Import value (2018-19) US$ Billion | Percentage Share(2018-19) |
| 1.USA | 52.43 | 15.88 |
| 2.United Arab Emirates | 30.13 | 9.13 |
| 3.China PRP | 16.75 | 5.07 |
| 4.Hong Kong | 13.00 | 3.94 |
| 5.Singapore | 11.57 | 3.51 |
| 6.United Kingdom | 9.33 | 2.83 |
| 7.Bangladesh PR | 9.21 | 2.79 |
| 8.Germany | 8.90 | 2.70 |
| 9.Netherland | 8.81 | 2.67 |
| 10.Nepal | 7.76 | 2.3 |
The above table depicts that the USA is the biggest destination for Indian export followed by the United Arab Emirates. Now let us have a look at the top 10 biggest import sources of India in 2018-19.
The bilateral trade between India and the USA was USD 87.95 billion in 2018-19. India has a trade surplus of USD 16.85 billion with America in the same period. This trade surplus has come down to $15.17 billion in January 2020.
So this was the list of the largest source of Indian import and export destinations of India. This is a very important article for Banking/SSC/State PSC exams.
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