India, the new economic powerhouse

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.

Trade in Goods India Export Wings


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:

  1. Petroleum oils (excluding crude oil): $54 billion (14%)
  2. Diamonds: $24 billion (6%)
  3. Medicines: $17 billion (4%)
  4. Jewelry: $10 billion (3%)
  5. Rice: $9 billion (2%)


Regarding products imported in 2021, the top 5 imports represent 42%:

  1. Crude oil: $106 billion (19%)
  2. Gold: $55 billion (10%)
  3. Diamonds: $26 billion (5%)
  4. Hulls; briquettes and solid fuels: $25 billion (5%)
  5. Petroleum gas and other gaseous hydrocarbons: $24 billion (4%)


The main export destinations were:


The main origins of imports were:


Services exports increased by an average of 6.6% per year during the period 2016-2020. The top 5 services exported in 2020 were:

  1. Other business services: $78 billion (38%)
  2. Telecommunications, computing and information services: $68 billion (34%)
  3. Transportation: $20 billion (10%)
  4. Travel: $13 billion (6%)
  5. Unrestricted services: $9 billion (5%)

Trade in Services India Export Wings


As for the services imported in 2020, they were as follows:

  1. Transportation: $53 billion (35%)
  2. Other business services: $48 billion (32%)
  3. Travel: $12 billion (8%)
  4. Telecommunications, computer and information services: $11 billion (7%)
  5. 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.

FDI India Export Wings


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.

GDP per capita India Export Wings


Useful information:


Click here to subscribe and get for free more information about international markets and foreign trade.




Data from 2021, other years are stated. Photo by Shashidhar S on Unsplash

You may also like