Having been an agro-based economy, Indian trade has always been devoid of manufactured or industrial goods. Post liberalisation, imports dominated the Indian trade scene in the form of heavy machinery and information technology products and, thus, created an imbalance of trade. India Trade: Exports
Indian trade was impacted by the global recession of 2007-2009. Indian exports fell from $200.9 billion in 2008 to $165 billion in 2009. India ranked 22nd in the world in terms of export volume.
Being a country with a huge workforce, India has seen its trade being boosted by the production of precious stones and metals. The various other export commodities that India exports are:
•Iron and steel
India’s main export partners are:
The following graph shows how the above countries have contributed to the total volume:
Indian trade has undergone massive restructuring following the 1991 liberalisation policies. Ever since, India’s exports have experienced a growth rate of 18.11%. The big surprise has been the import sector that has experienced a growth rate of 34.30%.
India Trade: Imports
The Indian economy is headed towards becoming a developed economy and all its sectors are in need of machinery and energy. Therefore, Indian imports are dominated by crude oil and machines. Other imported commodities are: •Precious stones
•Iron and steel
•Gold & Silver
•Machinery other than Electrical
•Organic & Inorganic Chemicals
•Metalliferous Ores & Products
In 2009, total imports amounted to $253.9 billion, down from the 2008 figure of $322.3 billion. India ranked fifteenth in the world in terms of import volume.
India’s import partners are:
•Saudi Arabia 6.9%