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 45.3% of the country's GDP. The country mainly exports petroleum oils (13.7%), diamonds (6.3%), medicaments (4.3%), articles of jewellery (2.7%), and rice (2.4%), while it imports petroleum oils (18.7%), gold (9.8%), diamonds (4.6%), coal and similar solid fuels (4.5%), petroleum gas and other gaseous hydrocarbons (4.2%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 3.9% in 2022 and is expected to further increase in 2023, reaching at 4.9%, while the volume of imports of goods and services increased by 10.1% in 2022 and is expected to increase by 7.2% in 2023.
India's main partners are the United States, China, the United Arab Emirates, Switzerland, Saudi Arabia, Bangladesh, and Hong Kong. The country has recently signed free trade agreements with South Korea and ASEAN, and has entered into negotiations with several partners (EU, MERCOSUR, Australia, New Zealand and South Africa). In 2021, Brazil and India signaled their interest in expanding the FTA that India has with MERCOSUR, but the expansion is still under negotiation, pending approval from other members of the South American bloc. India is currently the world’s fastest-growing large economy, as well as the world's eighth largest exporter and tenth largest importer of commercial services. However, India’s trade regime and regulatory environment still remains relatively restrictive.
The country's trade balance is structurally negative, given that the country imports nearly 80% of its energy needs. However, as India benefits from the fluctuations in world hydrocarbon prices for its imports, the country's trade deficit has been oscillating for the past few years. In 2021, India exported USD 395 billion worth of goods, while imports accounted for USD 572 billion, resulting in a negative trade balance of USD 176 billion. According to the WTO, in the same year, exports of services amounted to USD 240 billion, whereas the imports of services stood at USD 195 billion, leading to a decrease of the overall trade deficit, which amounted to USD 74 billion.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 449,925 | 514,464 | 486,059 | 372,854 | 572,909 |
Exports of Goods (million USD) | 299,241 | 324,778 | 324,340 | 276,302 | 395,425 |
Imports of Services (million USD) | 153,960 | 174,925 | 178,322 | 152,860 | 195,956 |
Exports of Services (million USD) | 184,673 | 204,323 | 214,128 | 202,600 | 240,657 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 40.7 | 43.6 | 40.0 | 37.8 | 45.3 |
Trade Balance (million USD) | -148,134 | -186,692 | -157,678 | -95,450 | -176,721 |
Trade Balance (Including Service) (million USD) | -72,212 | -105,918 | -73,452 | -8,342 | -74,039 |
Imports of Goods and Services (Annual % Change) | 17.4 | 8.8 | -0.8 | -13.8 | 35.5 |
Exports of Goods and Services (Annual % Change) | 4.6 | 11.9 | -3.4 | -9.2 | 24.3 |
Imports of Goods and Services (in % of GDP) | 22.0 | 23.7 | 21.3 | 19.1 | 23.9 |
Exports of Goods and Services (in % of GDP) | 18.8 | 19.9 | 18.7 | 18.7 | 21.4 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 9.4 | 3.7 | 4.7 | 4.9 | 4.4 |
Volume of imports of goods and services (Annual % change) | 9.6 | 7.5 | 5.4 | 5.5 | 5.5 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
United States | 18.1% |
United Arab Emirates | 6.4% |
China | 5.8% |
Bangladesh | 3.6% |
Hong Kong SAR, China | 2.9% |
See More Countries | 63.2% |
Main Suppliers (% of Imports) |
2021 |
China | 15.3% |
United Arab Emirates | 7.6% |
United States | 7.3% |
Switzerland | 5.2% |
Saudi Arabia | 4.9% |
See More Countries | 59.8% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2023