Top Indian Trade Balances

Indian rupees

Indian rupees

Crude oil, gold, coal, petroleum gases and smartphones were major factors behind India’s highest trade deficits for products in 2018. China, Saudi Arabia and Iraq took the top three spots for trade partners giving India the highest negative balances exchanging exports and imports.

India’s overall trade deficit for all products equaled -US$184.5 billion in 2018, up by 14.7% from -$160.9 billion for 2011.

Year over year, the -$184.5 billion in red ink during 2018 represents a 24.5% increase from the -$148.2 billion deficit that India incurred in 2017 resulting from international trade transactions.

Top Indian Trade Balances by Product and Country

Product+

The following 10 leading products generated a surplus subtotal of $95.8 billion for India in its global trade during 2018. Metrics listed below highlight India’s strongest competitive advantages over worldwide trading partners.

  1. Processed petroleum oils: US$41.1 billion (Down -13.1% since 2011)
  2. Jewelry: $11.7 billion (Down -14%)
  3. Medication mixes in dosage: $11.7 billion (Up 91.5%)
  4. Rice: $7.4 billion (Up 81.6%)
  5. Cars: $6.9 billion (Up 144.4%)
  6. Crustaceans (including lobsters): $4.4 billion (Up 168.3%)
  7. Yarn (85%+ cotton): $3.8 billion (Up 39.9%)
  8. Frozen beef: $3.3 billion (Up 29.5%)
  9. Aluminum (unwrought): $3 billion (Up 20,766%)
  10. T-shirts, vests (knit or crochet): $2.4 billion (Up 16.5%)

Eight of India’s top product surpluses expanded in value from 2011 to 2018 led by: unprocessed aluminum (up 20,766%), crustaceans including lobsters (up 168.3%), cars (up 144.4%) and medication mixes in dosage (up 91.5%).

There were two declines over the 7-year period: -14% for jewelry and -13.1% for India’s exports and imports of processed petroleum oils.

Product-

The 10 major products below accumulated a deficit subtotal of -$232 billion for India in international trade during 2018. India has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Crude oil: -US$114.5 billion (Down -6.2% since 2011)
  2. Gold (unwrought): -$31.8 billion (Down -40.3%)
  3. Coal, solid fuels made from coal: -$24.5 billion (Up 71.1%)
  4. Petroleum gases: -$18.7 billion (Up 72.5%)
  5. Phone system devices including smartphones: -$16.8 billion (Up 160%)
  6. Integrated circuits/microassemblies: -$6.9 billion (Up 260.4%)
  7. Computers, optical readers: -$6.1 billion (Up 93.8%)
  8. Palm oil: -$5.5 billion (Down -18.4%)
  9. Silver (unwrought): -$3.8 billion (Down -26.1%)
  10. Solar power diodes/semi-conductors: -$3.4 billion (Up 126.1%)

From 2011 to 2018, India’s red ink in global trade expanded at the fastest rate for the following products: integrated circuits and microassemblies (up 260.4%), phone system devices including smartphones (up 160%), solar power diodes and semi-conductors (up 126.1%) then computers including optical readers (up 93.8%).

India’s two leading product deficits that shrank over the 7-year period were unprocessed gold (down -40.3%) and silver (down -26.1%).

Country+

In 2018, India generated a surplus subtotal worth $54.8 billion at the expense of the following 10 trading partners.

  1. United States: US$19 billion (Up 83.2% since 2011)
  2. Bangladesh: $7.9 billion (Up 178.1%)
  3. Nepal: $6.9 billion (Up 236.1%)
  4. Netherlands: $5 billion (Down -33.3%)
  5. Sri Lanka: $3.34 billion (Down -10.5%)
  6. Turkey: $3.33 billion (Up 21.7%)
  7. United Kingdom: $2.7 billion (Up 91.9%)
  8. Spain: $2.4 billion (Up 91.7%)
  9. United Arab Emirates: $2.2 billion (Up 17.1%)
  10. Kenya: $2 billion (Up 4.4%)

Indian trade surpluses with Nepal (up 236.1%), Bangladesh (up 178.1%), the United Kingdom (up 91.9%) and Spain (up 91.7%) grew at the fastest pace from 2011 to 2018.

Shrinkage in India’s per country black ink were caused by two trade partners, the Netherlands (down -33.3%) and Sri Lanka (down -10.5%).

Country-

India experienced a losing international trade relationship with 80 countries (or territories or islands). The following 10 trade partners created a -$180.6 billion deficit subtotal in 2018 from exchanging exports and imports.

  1. China: -US$57.3 billion (Up 47.9% since 2011)
  2. Saudi Arabia: -$22.9 billion (Down -1.9%)
  3. Iraq: -$21.2 billion (Up 26.5%)
  4. Switzerland: -$16.8 billion (Down -44.7%)
  5. Iran: -$11.9 billion (Up 32%)
  6. South Korea: -$11.6 billion (Up 48%)
  7. Indonesia: -$11.2 billion (Up 48.6%)
  8. Australia: -$10.4 billion (Down -8.2%)
  9. Qatar: -$8.9 billion (Down -15.7%)
  10. Nigeria: -$8.4 billion (Down -23.7%)

Up 48.6%, India’s trade deficit with Indonesia grew the fastest from 2011 to 2018. India’s negative net exports with South Korea expanded by 48% closely trailed by a 47.9% red ink increase trading with China over the 7-year period.

India whittled down the size of its negative trade balances with Switzerland at the fastest pace via its -44.7% reduction since 2011.




 

See also India’s Top 10 Major Export Companies, India’s Top 10 Imports, India’s Top Trading Partners and India’s Top 10 Exports

Research Sources:

Trade Map, International Trade Centre. Accessed on March 8, 2019

Investopedia, Net Exports Definition. Accessed on March 8, 2019

The World Factbook, Field Listing: World, Central Intelligence Agency. Accessed on March 8, 2019

Wikipedia, Economy of India. Accessed on March 8, 2019