Foreign trade is all transactions to do with the import and exports of products and commodities. You can trace foreign trade in India back centuries. There are references with trade with India found in documentation in Alexandria. India was a closed economy from 1947 to 1991. Import duties were very high, and the government restricted foreign direct investment. According to export-import data, India imports over 6000 commodities from 140 countries and exports over 7500 commodities to 190 countries.
We create the import export data from import documentations. The import-export statistics help traders find importers and exporters based on their shipment details. Traders can use the database to find alternatives markets for their products. They study the data to monitor the business strategy of their competitors. Importers and exporters use export-import data to improve their marketing strategy.
India top trade partners as per the information in the import-export data are:-
• China • The US • The UAE • Saudi Arabia • Hong Kong
As per the export import data, India had a trade deficit of 12.62 billion USD in February 2021. Exports in February were 27.93 billion USD and imports in February were 40.54 billion USD. Other trends in February show that exports went up against other cereals, oil meals, iron ore, jute, rice, and meat, dairy & poultry products. Exports fell for oilseeds, leather, petroleum products, cashew, and gems & jewelry. Oil imports declined in February. India’s trade deficit for the eleven months of FY 20-21 was 84.86 billion USD. Commodities exported in the period were 255.92 billion USD and while imports were 340.88 billion USD.
In import data, India’s import from April 2020 to February 2021was 340.88 billion USD. The maximum imports were recorded in December 2020(42.59 billion USD) and the minimum imports were recorded in April 2020 (17.12 billion USD). China was the top import partner of India with import between the two countries was 58.71 billion USD. The top imports in India as per the import data are: –
• Mineral oil • Precious and semi-precious stones and jewelry • Electrical equipment • Mechanical machinery • Organic chemicals