Indian Trade (India Trade): Indian Exports (India Exports), Indian Imports (India Imports)

India Foreign Trade
India foreign trade and global economic policies

India is quickly emerging as a powerful trade partner in the global economy. What was once an undeveloped, closed-off economy is now becoming a massive economic force in Asia, rivaling all in the region.

The economy of India is twelfth largest in the world (in exchange rates, with a GDP of US $1.089 trillion) and the fourth largest in the world by purchasing power.

India has a population of 1,147,995,904, making it the second-largest country in the world. In 2006, India’s trade reached 24% of GDP, which is by no means excessive, but is a huge increase from the 6% it was in 1985. On a global scale, Indian trade represents 1% of the world’s commerce.
India Exports

In 2007, India’s exports stood at $140.8 billion, making it the 26th-largest export economy in the world. The country’s exports have grown steadily in the past few decades, ever since foreign direct investment (FDI) was allowed on a large scale, and most of the state-run industries were privatized. Most of these changes have occured since the economic reforms India implemented in 1991.

Below is a table illustrating the volume of exports India has seen between 2003 and 2008:

Exports: $140.8 billion (2007)

Year	Exports	Rank	% Change	Date
2003	$44,500,000,000	32		2001
2004	$57,240,000,000	31	28.63 %	2003 est.
2005	$69,180,000,000	33	20.86 %	2004 est.
2006	$76,230,000,000	33	10.19 %	2005 est.
2007	$112,000,000,000	29	46.92 %	2006 est.
2008	$140,800,000,000	26	25.71 %	2007 est.

Products exported by India include:

Textile goods Gems and jewelry Engineering goods Chemicals Leather products In addition to these goods and products, much of India’s GDP is contributed to by the business process outsourcing (BPO) industry, call centres, and other service-based jobs from the US, Europe, and some of Asia. India Imports As the middle class of India becomes more affluent and wealthy, domestic consumption will continue to increase, as it has been doing in recent years. This will fuel more imports. India imports the following: Machinery Vehicles, including aircraft Mineral fuels and lubricants Beverages and tobacco Chemical fertilizers Medical equipment Electronics and computer accessories India Imports As the middle class of India becomes more affluent and wealthy, domestic consumption will continue to increase, as it has been doing in recent years. This will fuel more imports. India imports the following: Machinery Vehicles, including aircraft Mineral fuels and lubricants Beverages and tobacco Chemical fertilizers Medical equipment Electronics and computer accessories