USA, China, UAE, Saudi Arabia, Singapore and Germany have been the top trading partners of India for the past 3 years. USA was the top trading partner for the last 2 years until China came along. For the fiscal of 2008-09 China became the top trading partner of India beating the US. India-China trade stands at 1,63, 202 crores.


spices-india

China has managed to be India’ top trading partner in spite of the recent ban on various Chinese products.

Overall, India is a net importer. It runs trade surpluses with some countries and huge trade deficits with few countries like China. For the months of April-June 2009 alone India’s trade deficit is at $15504 million.

India has turned the trade deficit of 1237 crores with the US in 2007-08 to trade surplus of 12,254 crores. Trade deficit with China has worsened 92,676 crores.

Top exports to China are Salt, Plastic, Cotton, Ores, Slag and Ash

Top imports from China are Mineral Fuels (mineral Oils, mineral waxes etc), Organic Chemicals, Electrical machinery, Iron and Steel.

Top exports to the US are Pearls, articles of iron or steel, apparel and clothing. The recent export ban from GAP would sure hurt the industry the textile industry which now receives a stimulus package from government of India.

Top imports from US are Fertilizers, Nuclear reactors, Electrical machinery and Mineral Fuels. Heavy industries is gearing up for the joint ventures with many American and European companies for the nuclear pie which is estimated at $100 bn. With the new nuclear targets set by India this trade will only increase.

Top 10 Trading partners of India for 2008-09 :

Country Trade 2008-09
(Rs. In crores)
Trade Balance
CHINA 1,63,202 -92,676
USA 1,55,353 12,254
UAE 1,52,668 -1,934
SAUDI ARABIA 1,05,602 -64,303
GERMANY 67,602 -19,497
SINGAPORE 63,280 2,934
U K   50,144      524
HONG KONG   50,129   1,772
BELGIUM   41,552 -5,294
NETHERLAND   33,099 19,049

Also look at previous years trading partners.

Top 10 Trading partners of India for 2007-08 :

Country Trade 2007-08
(Rs. In crores)
Trade Balance
USA 168013 -1,237
China 152713 -65,519
UAE 117148 8,682
SAUDI ARABIA 93033 -63,188
SINGAPORE 62,344 -3,020
GERMANY 60,335 -19,137
U K 46909 7026
Japan 40973 -9942
HONG KONG 36252 14518
Korea RP 35789 -12826

 

Top 10 Trading partners of India for 2006-07 :

Country Trade 2006-07
(Rs. In crores)
Trade Balance
USA 138474 32,263
China 116538 -41,479
UAE 93620 15,270
SAUDI ARABIA 72273 -48,850
SINGAPORE 52,302 2,622
GERMANY 52,154 -16,140
U K 44311 6532
Belgium 34463 -3020
Japan 33748 -7841
Korean RP 33126 -10368

(Source)
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