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Foreign Trade
Balance of Payments (This year)
| Exports |
$6.88 bln. |
| Imports |
$9.03 bln. |
| Balance of
Payments |
($2.15 bln.) |
Exports
India's largest trading partners are the United States, Australia, Switzerland and
Japan and EC countries, but trade with the Asia Pacific is surging. Manufactured products
comprise nearly 80 per cent of exports. Principal items are gems and jewelry, readymade
garments, cotton yarn and textiles, leather goods and agricultural, chemical and
engineering products. Electronic products and transport equipment has also recorded high
export growth.
Major destinations for Exports (in percentage terms)
Year |
1994-95 |
1995-96 |
1996-97 |
1997-98 |
1998-99 |
USA |
19.1 |
17.4 |
19.6 |
19.4 |
21.8 |
UK |
6.4 |
6.3 |
6.1 |
6.1 |
5.7 |
Japan |
7.7 |
7.0 |
6.0 |
5.4 |
4.9 |
Germany |
6.6 |
6.2 |
5.7 |
5.5 |
5.6 |
Belgium |
3.8 |
3.5 |
3.3 |
3.5 |
3.9 |
Russia |
3.1 |
3.3 |
2.4 |
2.7 |
2.1 |
Netherlands |
2.2 |
2.4 |
2.6 |
2.3 |
2.3 |
France |
2.2 |
2.4 |
2.2 |
2.2 |
2.5 |
Saudi Arabia |
1.7 |
1.5 |
1.7 |
2.0 |
2.3 |
In rupee terms (Rs. mln.)
Year |
1994-95 |
1995-96 |
1996-97 |
1997-98 |
1998-99 |
USA |
157,643.2 |
184,656.6 |
232,716.8 |
2,527,665.0 |
3,084,156.0 |
UK |
53,053.1 |
67,259.6 |
72,665.2 |
795,590.0 |
802,783.0 |
Japan |
63,631.4 |
74,111.7 |
71,208.5 |
705,547.0 |
694,509.0 |
Germany |
54,875.7 |
66,144.2 |
67,203.6 |
715,534.0 |
792,865.0 |
Belgium |
31,035.5 |
37,478.7 |
38,790.3 |
451,751.0 |
545,789.0 |
Netherlands |
18,384.1 |
25,724.1 |
30,258.9 |
298,706.0 |
328,507.0 |
Russia |
25,343.6 |
34,954.9 |
28,796.0 |
354,168.0 |
303,816.0 |
France |
18,278.4 |
24,986.2 |
25,423.9 |
282,326.0 |
354,447.0 |
Saudi Arabia |
13,680.0 |
16,132.7 |
20,489.7 |
256,456.0 |
325,282.0 |
Sources of Import
Capital goods and fuel each account for about a quarter of Indian imports. Chemicals,
precious and semi-precious stones, fertilizers, iron and steel, crude oil and non-ferrous
metals are the other major import items. The main import sources have been Japan, the
United States, the EC, the Middle East, and the former Soviet Union. Today, the United
States is India's leading trading partner, receiving about 21 percent of India's yearly
exports and supplying about 9 percent of its imports.
Major sources of Imports (in percentage terms)
Year to |
1994-95 |
1995-96 |
1996-97 |
1997-98 |
1998-99 |
USA |
10.1 |
10.5 |
9.4 |
8.96 |
8.70 |
Saudi Arabia |
5.5 |
5.5 |
7.1 |
6.05 |
4.48 |
Germany |
7.6 |
8.6 |
7.2 |
6.10 |
5.11 |
Belgium |
4.2 |
4.6 |
5.8 |
6.43 |
6.02 |
Kuwait |
5.2 |
5.4 |
6.2 |
5.54 |
3.59 |
Japan |
7.1 |
6.7 |
5.6 |
5.17 |
5.70 |
UK |
5.4 |
5.2 |
5.5 |
5.89 |
6.13 |
UAE |
5.4 |
4.4 |
4.4 |
4.29 |
4.12 |
Australia |
3.2 |
2.8 |
3.4 |
3.58 |
3.57 |
Switzerland |
2.9 |
2.7 |
2.9 |
6.36 |
6.86 |
Singapore |
3.1 |
3.0 |
2.7 |
2.89 |
3.26 |
Malaysia |
1.7 |
2.5 |
2.7 |
2.84 |
3.75 |
Italy |
2.6 |
2.9 |
2.5 |
2.22 |
2.61 |
In Rupee terms (Rs. mln.)
Year |
1994-95 |
1995-96 |
1996-97 |
1997-98 |
1998-99 |
USA |
91236.1 |
129157.2 |
130849.0 |
138136.9 |
153192.5 |
Saudi Arabia |
49271.9 |
67726.5 |
98322.4 |
93221.3 |
78882.7 |
Germany |
68671.2 |
105188.8 |
100503.1 |
93983.9 |
89977.6 |
Belgium |
37854.5 |
56927.5 |
79934.8 |
99160.1 |
105977.7 |
Kuwait |
46477.0 |
65900.9 |
85373.8 |
85460.1 |
63182.1 |
Japan |
64050.6 |
82539.9 |
77654.1 |
79714.7 |
100315.6 |
UK |
48952.7 |
64148.3 |
75780.8 |
90814.5 |
107927.1 |
UAE |
48137.9 |
53741.1 |
61630.1 |
66153.4 |
72526.1 |
Australia |
28734.4 |
34183.4 |
46760.6 |
55210.5 |
62814.8 |
Switzerland |
25881.6 |
33414.5 |
40019.7 |
98132.1 |
120809.2 |
Singapore |
28249.3 |
37246.0 |
37747.5 |
44519 |
57400.7 |
Malaysia |
15387.8 |
30196.3 |
36968.2 |
43813.6 |
66060.3 |
Italy |
23267.8 |
35600.6 |
35051.8 |
34254.8 |
46030.7 |
India’s Strengths
The important place commanded by India in world trade in coffee, tea, leather and
spices on a historical basis has continued in recent years as well. In 1994, India
accounted for 2.4 per cent, 13.6 per cent, 2.5 per cent and 9.1 per cent of world trade in
coffee and coffee substitutes, tea and mate, leather, and spices, respectively.
Furthermore, there has been a significant progress in export diversification, and India
has emerged as an important exporter of iron ore and concentrates, and pearls, precious
and semi-precious stones. In 1994, India accounted for 6 per cent of world exports of iron
ore and concentrates and 10.9 per cent of world exports of pearls, precious and semi
precious stones.
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