What is India’s most important trade partner?

Who is India’s biggest trade partner?

NEW DELHI: The US has overtaken China as India’s largest trading partner, thanks to faster growth during the first nine months of 2021. Data collated by the commerce department showed that during January-September, two-way trade between India and the US jumped 50% to $28 billion.

Who is an important trade partner of India?

China has regained its position as India’s top trading partner despite a decaying relationship between the Asian neighbours.

What is the main trade of India?

The two largest goods traded by India are mineral fuels (refined / unrefined) and gold (finished gold ware / gold metal). In the year 2013-14, mineral fuels (HS code 27) were the largest traded item with 181.383 billion US$ worth imports and 64.685 billion US$ worth re-exports after refining.

Who trades with India the most?

Top 15

  • United States: US$49.3 billion (17.9% of India’s total exports)
  • China: $19 billion (6.9%)
  • United Arab Emirates: $18 billion (6.5%)
  • Hong Kong: $9.5 billion (3.5%)
  • Singapore: $8.3 billion (3%)
  • Bangladesh: $7.91 billion (2.9%)
  • United Kingdom: $7.77 billion (2.8%)
  • Germany: $7.7 billion (2.8%)

Who is India’s largest trading partner in Europe?

The EU is India’s third largest trading partner, accounting for €62.8 billion worth of trade in goods in 2020 or 11.1% of total Indian trade, after China (12%) and the US (11.7%).

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What is India’s largest export?

List of exports 2017

# HSCode Product
1. 71 Minerals
2. 27 Refined petroleum
3. 87 Automobiles
4. 84 Machinery and mechanical appliances

What is India known for exporting?

India’s major exports included petroleum products, gems and jewelry, and drug formulations. … Other major exports include spices, tea, coffee, tobacco in agriculture, along with iron and steel. In the IT industry, IT services had the largest export revenue in fiscal year 2019.