India: Visió econòmica i política
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 | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 486,059 | 373,202 | 573,092 | 720,441 | 672,667 |
Exports of Goods (million USD) | 324,340 | 276,410 | 395,426 | 453,415 | 432,001 |
Imports of Services (million USD) | 179,430 | 153,782 | 195,956 | 249,391 | 248,356 |
Exports of Services (million USD) | 214,762 | 203,401 | 240,660 | 309,372 | 344,500 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
Foreign Trade (in % of GDP) | 39.9 | 37.8 | 45.4 | 50.0 | 45.9 |
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 | -12.6 | 22.1 | 10.6 | 10.9 |
Exports of Goods and Services (Annual % Change) | -3.4 | -7.0 | 29.6 | 13.4 | 2.6 |
Imports of Goods and Services (in % of GDP) | 21.2 | 19.1 | 24.0 | 26.8 | 24.1 |
Exports of Goods and Services (in % of GDP) | 18.7 | 18.7 | 21.4 | 23.2 | 21.8 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2024 | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.5 | 4.1 | 3.8 | 3.7 | 3.7 |
Volume of imports of goods and services (Annual % change) | 4.4 | 6.0 | 6.1 | 5.9 | 6.0 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
United States | 17.6% |
United Arab Emirates | 7.7% |
Netherlands | 5.4% |
China | 3.8% |
United Kingdom | 2.9% |
Singapore | 2.8% |
Bangladesh | 2.6% |
Saudi Arabia | 2.5% |
Germany | 2.2% |
Hong Kong SAR, China | 2.0% |
Italy | 1.9% |
South Africa | 1.9% |
Belgium | 1.8% |
Australia | 1.8% |
Türkiye | 1.8% |
Indonesia | 1.7% |
Nepal | 1.7% |
France | 1.7% |
Malaysia | 1.5% |
Brazil | 1.5% |
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% |
Iraq | 4.4% |
Indonesia | 3.6% |
South Korea | 2.9% |
Japan | 2.8% |
Switzerland | 2.8% |
Australia | 2.8% |
Germany | 2.7% |
Qatar | 1.9% |
Malaysia | 1.9% |
South Africa | 1.7% |
Thailand | 1.6% |
Vietnam | 1.4% |
Kuwait | 1.4% |
India ![]() |
1.2% |
Canada | 1.1% |
See More Countries | 54.9% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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.
334.5 bn USD of services exported in 2023 | |
48.60% | |
26.37% | |
9.62% | |
Personal travelPersonal travel | 9.04% |
OtherOther | 81.60% |
Business travelBusiness travel | 0.58% |
8.78% | |
2.55% | |
1.26% | |
1.20% | |
0.96% | |
0.46% | |
0.19% |
175.6 bn USD of services imported in 2023 | |
33.74% | |
18.98% | |
Personal travelPersonal travel | 14.50% |
OtherOther | 64.21% |
Business travelBusiness travel | 4.48% |
16.81% | |
12.43% | |
8.17% | |
3.54% | |
2.62% | |
1.55% | |
1.54% | |
0.62% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: March 2025
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