Question

Which countries are the major trading partners of India ?​

Answer 1

Answer:

Indo-China trade stands at $38 billion as of H1 2020-21.

The US comes second as India's trade partner at $33.54 billion.

Bilateral trade with China declines by 15% but it suffered more with the US at 27.5%.

India's overall trade declines by 32.5% reflecting the impact of the pandemic this year.

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Answer 2

Explanation:

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 1951-1952.[1] 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 billion in the year 2017-18.[3]

Counting the European Union as one, the WTO ranks India fifth for commercial services exports and sixth for commercial services imports.[4]

The two main destinations of exported Indian merchandises is the EU market and the USA, when the two main markets of origin are China and the EU[4] 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.[1] These figures include trade in goods and commodities, but do not include services or foreign direct investment. 2019 20 India's top trend partner USA