The G20 Summit spotlighted India’s trade discussions with the United States, China, and European countries. The U.S. and the European Union signed an agreement with India to strengthen trade through building rail and sea routes. In 2022, India’s trade with the United States totaled USD 131 billion, with China totaled USD 117 billion, and with Europe totaled USD 214 billion. Get a bigger picture of India’s trade with the U.S., China and Europe.
India’s Trade with the United States
In recent years, India’s trade relations with the United States have become strong thanks to their strategic partnership on shared values including a commitment to democracy and upholding the rules-based international system. During Covid-19, India has helped the U.S. to combat the pandemic and provided essential drugs due to which India’s exports to the US increased sharply in 2021 and 2022. India’s imports from the US have also risen in the said years. Take a look at a chart to have better data visualization.
India’s top import categories from the United States in 2022 were mineral fuels & oils, pearls & precious stones, machinery, electronics, and organic chemicals. Whereas, India exported pearls & precious stones, pharma products, mineral fuels & oils, and electronics the most to the U.S.
India’s Trade with China
Despite the ongoing trade war between China and the U.S. and the Covid-19 pandemic, China’s role in global merchandise trade has not been affected. China is India’s biggest source of imports. According to a report, India’s dependence on China for non-oil imports can be as high as 25% or more. India’s imports from China increased in 2022, whereas India’s exports to China fell down. Take a look at India’s trade with China in the past years.
Electronics imports by India from China have been the fastest growing sector, prompting New Delhi to ban such imports so it can nurture domestic manufacturers. Other import categories of India from China in 2022 were machinery, organic chemicals, plastics, and fertilizers. India’s exports to China were mineral fuels & oils, organic chemicals, fish, ores, slag & ash, and machinery. See the chart to get proper data visualization.
India’s Trade with Europe
India is a major trade and investment partner of Europe and could hold significant further potential. India’s trade with Europe increased in 2022 as compared to the previous years. Have a look at India’s exports and imports with Europe in the last five years.
The European Union (EU) is India’s third-largest trading partner. The EU is the second-largest destination for India’s exports. The major trade categories between India and Europe in 2022 were mineral fuels & oils, pearls & precious stones, machinery, and electrical machinery & equipment. Below given chart shows India’s trade with Europe by import and export product categories.
Being the third-largest importing and exporting partner with India, the EU countries account for a significant share of trade and show higher values individually. The top importing European partners of India are Switzerland, Germany, Belgium, the United Kingdom, and the Netherlands; while the top exporting European partners of India are the Netherlands, the United Kingdom, Germany, Belgium, and Italy.
The U.S. and the EU signed an agreement with India and Middle Eastern countries to build a network of railways and sea routes that could increase the speed of trade between India and Europe by 40%. The United States, the European Union and China have all been aggressively working on strengthening trade relations with India.
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