Top Indian Trade Balances

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Indian rupees

Crude oil, gold and smartphones were major factors behind India’s highest trade deficits by product. China and Switzerland placed first and second respectively among trade partners with which India experienced the highest negative trade balances.

India’s overall trade deficit for all products equaled -US$126.4 billion in 2015, down by -21.5% from -$160.9 billion for 2011. Year over year, the -$126.4 billion shortfall represents a -10.9% reduction from the -$141.8 billion deficit that India incurred during 2014.

Top Indian Trade Balances by Product and Country

Product+

The following 10 leading products generated a surplus subtotal of $76.8 billion for India in its global trade during 2015. Metrics listed below highlight India’s strongest competitive advantages over worldwide trading partners.

  1. Processed petroleum oils: US$26.5 billion (down -44% since 2011)
  2. Medication mixes in dosage: $10.4 billion (up 70.1%)
  3. Jewelry: $9.2 billion (down -32.2%)
  4. Rice: $6.4 billion (up 56.6%)
  5. Diamonds (unmounted/unset): $5.5 billion (down -614.5%)
  6. Cars: $5.2 billion (up 82.2%)
  7. Frozen beef: $4 billion (up 57%)
  8. Yarn (85% or more cotton): $3.7 billion (up 35.2%)
  9. Crustaceans (including lobsters): $3.2 billion (up 92.6%)
  10. T-shirts, vests (knit or crochet): $2.8 billion (up 37.4%)

Seven of India’s top product surpluses rose in value from 2011 to 2015, led by: lobsters and other crustaceans (up 92.6%), cars (up 82.2%) and medication mixes in dosage (up 70.1%).

Positive trade balances for the remaining three products were whittled down. The three decliners were: unmounted/unset diamonds (down -614.5%), processed petroleum oils (down -44%) and jewelry (down -32.2%).

Product-

The 10 major products below accumulated a deficit subtotal of -$165.4 billion for India in international trade during 2015. India has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Crude oil: -US$72.3 billion (down -40.8% since 2011)
  2. Gold (unwrought): -$29.7 billion (down -44.2%)
  3. Phone system devices including smartphones: -$15 billion (up 133%)
  4. Coal, solid fuels made from coal: -$14 billion (down -2.2%)
  5. Petroleum gases: -$11.6 billion (up 7.2%)
  6. Palm oil: -$5.9 billion (down -12.1%)
  7. Computers, optical readers: -$5 billion (up 59.4%)
  8. Silver (unwrought): -$4.3 billion (down -17.9%)
  9. Copper ores, concentrates: -$4.1 billion (down -22.1%)
  10. Dried shelled vegetables: -$3.4 billion (up 111.2%)

India’s red ink in global trade expanded at the fastest rate for the following products: phone system devices including smartphones (up 133%), dried shelled vegetables (up 111.2%) and computers (up 59.4%).

Trade products showing the greatest deficit declines was: unwrought gold (down -44.2%), crude oil (down -40.8%), copper ores and concentrates (down -22.1%) and unwrought silver (down -17.9%).

Country+

In 2015, India generated a surplus subtotal worth $61 billion with the following 10 trading partners.

  1. United States: US$19.8 billion (up 91.9% since 2011)
  2. United Arab Emirates: $9.7 billion (up 411.5%)
  3. Hong Kong: $6.2 billion (up 703.1%)
  4. Bangladesh: $4.9 billion (up 72.7%)
  5. Sri Lanka: $4.7 billion (up 24.6%)
  6. United Kingdom: $3.5 billion (up 146.7%)
  7. Turkey: $3.4 billion (up 26.2%)
  8. Kenya: $3.1 billion (up 60.7%)
  9. Netherlands: $2.9 billion (down -60.8%)
  10. Nepal: $2.7 billion (up 31.9%)

Indian trade surpluses with Hong Kong (up 703.1%), United Arab Emirates (up 411.5%) and United Kingdom (up 146.7%) grew at the fastest pace. India also posted significant gains trading with America (up 91.9%) and Bangladesh (up 72.7%).

Netherlands was the only top trade partner with which India’s positive net exports declined, via a -60.8% surplus decline from $7.5 billion during 2011.

Country-

India experienced a losing international trade relationship with 82 countries. The following 10 trade partners created a -$146.5 billion deficit subtotal in 2015 from exchanging exports and imports.

  1. China: -US$52 billion (up 34.2% since 2011)
  2. Switzerland: -$20.2 billion (down -33.5%)
  3. Saudi Arabia: -$14.4 billion (down -38.2%)
  4. Indonesia: -$11 billion (up 45.9%)
  5. Iraq: -$10.2 billion (down -39.4%)
  6. South Korea: -$9.5 billion (up 21.3%)
  7. Qatar: -$8.7 billion (down -17.6%)
  8. Nigeria: -$7.9 billion (down -28.1%)
  9. Venezuela: -$6.5 billion (up 11.8%)
  10. Australia: -$6.2 billion (down -45.6%)

Up 45.9%, India’s trade deficit with Indonesia grew the fastest from 2011 to 2015. India’s negative net exports with China expanded by 34.2% followed by a 21.3% increase for the Indian shortfall trading with South Korea.

India shrank the size of its negative trade balances with six top partners, ranging from a -17.6% drop for Qatar to a -45.6% decline for Australia.




 

See also India’s Top 10 Major Export Companies, India’s Top 10 Exports and Capital Facts for New Delhi, India

Research Sources:
Trade Map, International Trade Centre. Accessed on November 12, 2016

Investopedia, Net Exports Definition. Accessed on November 12, 2016

The World Factbook, Field Listing: World, Central Intelligence Agency. Accessed on November 12, 2016

Wikipedia, Economy of India. Accessed on November 12, 2016