India is one of the most populous and vast countries in the world. It is a federal republic organized in a parliamentary democracy. The official languages of India are Hindi and English. Thanks to its economic growth and being one of the 9 countries with nuclear weapons, India has become a major regional powerhouse.
With regard to international trade, India was the 18th largest exporting economy in the world in 2021, with a total of $395 billion, according to data from the International Trade Center. Behind Vietnam (17) with $407 billion and followed by Spain (19) with $392 billion. Countries in its geographical area of influence such as Singapore, Thailand and Pakistan are ranked 15th, 26th and 67th respectively.
During the period 2016-2021, exports of goods increased by an average of 10.2% per year. Imports reached $570 billion in 2021. The trade deficit stood at $175 billion.
In 2020, the top 5 Indian exports, with a total of 29%, were:
- Petroleum oils (excluding crude oil): $54 billion (14%)
- Diamonds: $24 billion (6%)
- Medicines: $17 billion (4%)
- Jewelry: $10 billion (3%)
- Rice: $9 billion (2%)
Regarding products imported in 2021, the top 5 imports represent 42%:
- Crude oil: $106 billion (19%)
- Gold: $55 billion (10%)
- Diamonds: $26 billion (5%)
- Hulls; briquettes and solid fuels: $25 billion (5%)
- Petroleum gas and other gaseous hydrocarbons: $24 billion (4%)
The main export destinations were:
- United States of America 18%
- United Arab Emirates 6%
- China 6%
- Bangladesh 4%
- Hong Kong, (China) 3%
The main origins of imports were:
- China 15%
- United Arab Emirates 8%
- United States of America 7%
- Switzerland 5%
- Saudi Arabia 5%
Services exports increased by an average of 6.6% per year during the period 2016-2020. The top 5 services exported in 2020 were:
- Other business services: $78 billion (38%)
- Telecommunications, computing and information services: $68 billion (34%)
- Transportation: $20 billion (10%)
- Travel: $13 billion (6%)
- Unrestricted services: $9 billion (5%)
As for the services imported in 2020, they were as follows:
- Transportation: $53 billion (35%)
- Other business services: $48 billion (32%)
- Travel: $12 billion (8%)
- Telecommunications, computer and information services: $11 billion (7%)
- Intellectual property expenses: $7 billion (5%)
Regarding bilateral agreements, India has signed and entered into force 17 regional trade treaties. Its presence in international markets will be reinforced by 4 other treaties which will soon enter into force (at the date of this publication).
During the period 2016-2020, the Foreign Direct Investment (FDI) received by India reached the average annual figure of $48 billion.
GDP per capita (PPP) in 2020 was $1,928. Its population reached 1.38 billion inhabitants. The urban population is 35%. During the period 2013-2020, GDP grew by an average of 5.02% per year.
Useful information:
- https://indiatradefair.com/
- https://bankofindia.co.in/
- https://www.indianchamber.org/
- https://www.india.gov.in/topics/foreign-affairs
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Sources:
- https://data.worldbank.org/
- http://www.intracen.org/
- https://www.wto.org/index.htm
- https://www.cia.gov/the-world-factbook/
Data from 2021, other years are stated. Photo by Shashidhar S on Unsplash