Give examples of India’s trading partners and some of the commodities it trades?
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Answer:
According to the Ministry of Commerce and Industry, the fifteen largest trading partners of India represent 59.37% of total trade by India in the financial year 2015-2016.These figures include trade in goods and commodities, but do not include services or foreign direct investment.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. In the year 2013-14, gold and its finished items (HS code 71) were the second largest traded items with 58.465 billion US$ worth imports and 41.692 billion US$ worth re-exports after value addition. These two goods are constituting 53% total imports, 34% total exports and nearly 100% of total trade deficit (136 billion US$) of India in the financial year 2013-14.[2] The services trade (exports and imports) are not part of commodities trade. The trade surplus in services trade is US$70 billions in the year 2017-18.