Charted: A Breakdown of India’s Overseas Trade in 2023

Visual Capitalist

Published

44 seconds ago

on

June 5, 2024 Article/Editing:

See this visualization first on the Voronoi app.

Charted: A Breakdown of India’s Overseas Trade in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In 2023, India’s total overseas trade value (combining merchandise imports and exports) stood at slightly over $1 trillion, about one-third of the $3.7 trillion economy.

To put into perspective, this is the size of Netherland’s gross domestic product, the 18th biggest economy in the world.

But who are India’s biggest export and import partners?

This chart by creator Preyash Shah breaks down the key countries with whom India imported goods from, and exported merchandise to, in the 2023 fiscal year (FY). It does not cover the value of services trade.

There’s also a historical six-year trend of India’s total merchandise trade since FY17. Data for this graphic is sourced from the Indian Ministry of Commerce and Industry.

ℹ️ India’s financial year runs from April to March, and the year label corresponds to the end of the time period. Thus, FY23 is from April 2022–March 2023. India’s Biggest Import Partners, By Country

China heads India’s sources of imports, with nearly $100 billion worth of goods imported in FY23. This is almost the same value as India’s next two biggest import partners combined: the UAE ($53 billion) and the U.S. ($50 billion).

Consumer electronics, computer hardware, and electrical machinery are some of India’s top imported goods from China.

RankCountry/TerritoryRegionFY23 Imports
(Million $) 1🇨🇳 ChinaAsia$98,506 2🇦🇪 UAEMiddle East$53,232 3🇺🇸 U.S.North America$50,864 4🇷🇺 RussiaEurope$46,213 5🇸🇦 Saudi ArabiaMiddle East$42,035 6🇮🇶 IraqMiddle East$34,386 7🇮🇩 IndonesiaAsia$28,820 8🇸🇬 SingaporeAsia$23,595 9🇰🇷 South KoreaAsia$21,227 10🇦🇺 AustraliaOceania$19,011 11🇭🇰 Hong KongAsia$18,275 12🇶🇦 QatarMiddle East$16,808 13🇩🇪 GermanyEurope$16,602 14🇯🇵 JapanAsia$16,495 15🇨🇭 SwitzerlandEurope$15,794 16🇲🇾 MalaysiaAsia$12,735 17🇰🇼 KuwaitMiddle East$12,247 18🇹🇭 ThailandAsia$11,193 19🇿🇦 South AfricaAfrica$10,398 20🇧🇪 BelgiumEurope$9,178 21🇬🇧 United KingdomEurope$8,961 22🇻🇳 VietnamAsia$8,795 23🇹🇼 TaiwanAsia$8,264 24🇴🇲 OmanMiddle East$7,911 25🇳🇬 NigeriaAfrica$6,693 26🇧🇷 BrazilSouth

The full article is available here. This article was published at Visual Capitalist.