India exported US$441.8 billion worth products around the world in 2024, a 60.4% increase compared to $275.5 billion five years earlier in 2020.
However, India’s export sales to its trading partners slowed to a 2.4% year-over-year gain from $431.4 billion starting in 2023.
India is a relatively small player in international trade. The value of India’s exported products total represent 1.8% of overall world exports of $23.9 trillion for 2024.
Applying a continental lens, 41.1% of India’s exports by value was delivered to fellow Asian countries while 23% were sold to importers in Europe. India shipped another 20.7% worth of goods to buyers in North America.
Smaller percentages went to customers in Africa (9.9%), Latin America (3.4%) excluding Mexico but including the Caribbean, then Oceania (2%) led by Australia and New Zealand.
India’s Top 25 Trading Partners
Below is a list highlighting 25 of India’s top trading partners in terms of countries that imported the most Indian shipments by dollar value during 2024. Also shown is each import country’s percentage of total Indian exports.
- United States: US$80.8 billion (18.3% of India’s total exports)
- United Arab Emirates: $37.8 billion (8.5%)
- Netherlands: $24.6 billion (5.6%)
- Singapore: $15.9 billion (3.6%)
- mainland China: $15.1 billion (3.4%)
- United Kingdom: $14.3 billion (3.2%)
- Saudi Arabia: $12.3 billion (2.8%)
- Bangladesh: $11.5 billion (2.6%)
- Germany: $10.4 billion (2.4%)
- Italy: $8.5 billion (1.9%)
- South Africa: $8.3 billion (1.9%)
- Malaysia: $8.16 billion (1.8%)
- France: $7.88 billion (1.8%)
- Australia: $7.8 billion (1.8%)
- Nepal: $7 billion (1.6%)
- Belgium: $6.7 billion (1.5%)
- Hong Kong: $6.6 billion (1.5%)
- Brazil: $6.5 billion (1.5%)
- South Korea: $6 billion (1.4%)
- Japan: $5.8 billion (1.3%)
- Mexico: $5.7 billion (1.3%)
- Türkiye: $5.63 billion (1.3%)
- Vietnam: $5.56 billion (1.3%)
- Indonesia: $5.51 billion (1.2%)
- Tanzania: $5 billion (1.1%)
Nearly three-quarters (74.5%) of Indian exports in 2024 was delivered to the above 25 trade partners.
India grew its export sales by double-digit percentages to international customers in Singapore (up 31.9% from 2024 to 2023), Malaysia (up 22.3%), Tanzania (up 20.1%), Japan (up 14.6%), United Arab Emirates (up 14.4%) then Saudi Arabia (up 13.3%).
On the other hand, exports from India declined at the severest rates with buyers in Türkiye (down -25.7% from 2023), Indonesia (down -25.6%), Hong Kong (down -24.3%) and Belgium (down -16.4%).
Countries Causing India’s Worst Trade Deficits
India realized an overall -US$260.6 billion trade deficit for products exchanged with all its trading partners during 2024, expanding by 8.4% from -$240.6 billion in red ink one year earlier for 2023.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. That export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
India incurred the highest trade deficits with the following countries.
- mainland China: -US$93.8 billion (country-specific trade deficit in 2024)
- Russia: -$59.3 billion
- Iraq: -$26.5 billion
- United Arab Emirates: -$22.4 billion
- Switzerland: -$20.3 billion
- Indonesia: -$18.3 billion
- Saudi Arabia: -$17.6 billion
- South Korea: -$14.9 billion
- Japan: -$13 billion
- Hong Kong: -$11.9 billion
Among India’s trading partners that cause the greatest negative trade balances, Indian deficits with Indonesia (up 19.9%), mainland China (up 12.6%) and Switzerland (up 10.5%) grew at the fastest pace from 2023 to 2024.
These cashflow deficiencies clearly indicate India’s competitive disadvantages with the above countries, but also represent key opportunities for India to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating India’s Biggest Trade Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
India incurred the highest trade surpluses with the following countries:
- United States: US$37.7 billion (country-specific trade surplus in 2024)
- Netherlands: $19.8 billion
- Bangladesh: $9.6 billion
- Nepal: $6.1 billion
- United Kingdom: $5.9 billion
- Sri Lanka: $3.5 billion
- Kenya: $2.83 billion
- Spain: $2.83 billion
- Mexico: $2.8 billion
- Italy: $2.7 billion
Among India’s trading partners that generate the greatest positive trade balances, Indian surpluses with Spain (up 51.6%), Sri Lanka (up 47.1%) and the United Kingdom (up 26.3%) grew at the fastest pace from 2023 to 2024.
These positive cashflow streams clearly indicate India’s competitive advantages with the above countries, but also represent key opportunities for India to develop country-specific strategies to optimize its overall position in international trade.
India’s Major Export Companies
India placed over 50 corporations on the Forbes Global 2000 rankings. Many of these are major Indian export companies. Below is a selection of some of the biggest Indian corporations.
- Bajaj Auto (recreational products)
- Bharat Heavy Electricals (electrical equipment)
- Bharat Petroleum (oil, gas)
- Coal India (diversified metals, mining)
- Grasim Industries (construction materials)
- Hero Motocorp (recreational products)
- Hindalco Industries (aluminum)
- Hindustan Petroleum (oil, gas)
- Indian Oil (oil, gas)
- ITC (tobacco)
- JSW Steel (iron, steel)
- Reliance Industries (oil, gas)
- Steel Authority of India (iron, steel)
- Sun Pharma Industries (pharmaceuticals)
- Tata Motors (cars, trucks)
- Tata Steel (iron, steel)
See also India’s Top 10 Major Export Companies, India’s Top 10 Imports, India’s Top 10 Exports and Top Indian Trade Balances
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on September 18, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 18, 2025
International Trade Centre, Trade Map. Accessed on September 18, 2025
Investopedia, Net Importer Definition. Accessed on September 18, 2025
TradeIndia.com, Sellers by category. Accessed on September 18, 2025