Largest export partners of India

Largest export partners of India

The south Asian country, the Republic of India, popularly known as India, is the 6th largest economy in the world with $3.1 trillion Gross Domestic Product per capita, as stated by the IMF and UN reports of 2019. Growing massively with the highest GDP growth rate, Indian export businesses boosts and facilitates trading in India. Although, Indian exporters are free to trade in any direction, north-east-west-south, where they believe their product will grow. Being enclosed with countries like Nepal, Pakistan, Bangladesh, China and other Indian Ocean countries, the opportunity becomes wider as ‘less distance more trade’ policy can be determined.

Due to increased government support in various fields like tax rebate, make in India campaigns etc., domestic businesses see multiple opportunities in exporting their products to overseas buyers. Further, they need information on what India exports? which can be easily extracted from the import-export data. It does require a complete analysis of business tactics and market research.

The export companies of India such as reliance industries, Coal India, Tata Motors, ITC and many others, are dealing with India’s major trading partners to offer ease in trading big shipments.

With the outreach of globalization all over the world, international trade has become an open ground of business opportunities. Thus, new export businesses are trying to monetize their abilities by meeting guidelines of international trade.

Emerging as one of the leading countries in world exports, many importers are now connecting with Indian companies to buy varied products. Therefore, some of the Top India trading partners are as follows:

Top India trading partners -

1. United States: $51.6 billion

2. U.A.E.: $29 billion

3. China : $16.4 billion

4. Hong Kong: $13.2 billion

5. Singapore: $10.4 billion

6. United Kingdom: $9.8 billion

7. Germany: $9 billion

8. Bangladesh: $8.8 billion

9. Netherlands: $8.7 billion

10. Nepal: $7.3 billion

11. Belgium: $6.8 billion

12. Vietnam: $6.7 billion

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For more than 50% of the total global shipments from India are exported to above trading partners.

Proportionately, the trading partners contribute certain percentage in total Indian exports in following manner :

United States : (16%), U.A.E. : (9%), China : (5.1%), Hong Kong :(4.1%), Singapore :(3.2%), United Kingdom : (3%), Germany : (2.8%), Bangladesh : (2.7%), Netherlands : (2.7%), Nepal : (2.3%), Belgium : (2.1%), Vietnam : (2.1%).

According to the import-export data, In 2018 Netherlands import from India has been improved by 59.3%, which puts them first on the list of leading countries importing goods from India. Following which Nepal increases its exports with India by 32.2%. After that China with 31.3% increments in their trade, accompanying 21.4% by Bangladesh. Also, Malaysia expands to about 12%.

Now about the shrinking trade partners, Vietnam goes down by -17.4%, Hong Kong contracted deals by -12% and Singapore reduced its import from Indian exporters by 9.9%.

Thus, the import-export business depends upon finding the right trading partner as getting a right partner, having the same goal, same product dealing and the same level of responsibility to carry out trade is very difficult in modern times.

If you are new to the world of global trading and you would like to learn more about the import-export process, procedure or documentation required for this particular practice. Then Connect2India gives you the platform through which you can enhance your knowledge regarding this import-export business.

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