Guided story
India's global trade: who buys our goods, who sells us theirs, and where the money flows
From electronics to crude oil, India's trade map reveals booming exports, a stubborn deficit with China, and a new reliance on Russian energy. Here's the full picture in 12 charts.
India's global trade: who buys our goods, who sells us theirs, and where the money flows
India’s trading relationships are the product of a 45‑year export boom. Manufactured goods now sit at the centre, but the import bill is larger, driven by energy and capital goods. Each chart on this page answers a layer of the same question: who is India trading with?
What India sells abroad, by product
WTO · merchandise exports by product group · current US$
2024 · latest point
Manufactures dominate at $291 billion, but refined fuels have become the new giant at $90 billion.
The four lines show 45 years of merchandise exports by product group. Manufactures grew from $5.04 billion in 1980 to $291.02 billion in 2024, the backbone of India’s export engine. Fuels and mining, almost invisible in 1980 at $0.68 billion, surged after the late 1990s to $90.28 billion, largely because India built world‑class refineries that turn imported crude into exported petrol and diesel. Chemicals rose from $0.36 billion to $66.08 billion, reflecting a strong pharmaceutical and organic‑chemical industry. Agriculture went from $2.84 billion to $52.26 billion. The chart shows that India no longer just ships farm commodities; it’s a factory economy with a big energy‑processing wedge.
What does India sell abroad, and how has the export basket changed over 45 years?
The top‑left chart traces four product groups from 1980 to 2024. Manufactures took off from $5.04 billion to $291.02 billion, making it the dominant category. Fuels and mining exports, almost non‑existent in 1980 at $0.68 billion, shot to $90.28 billion, reflecting India’s emergence as a refining hub. Chemicals exports rose from $0.36 billion to $66.08 billion, and agricultural exports grew from $2.84 billion to $52.26 billion. The basket has shifted: raw farm goods are no longer the headline. Today, a car part, a smartphone, or a litre of petrol is more likely to leave India’s ports than a sack of rice. This matters because who buys these things, and what they pay, sets the stage for everything that follows.
What India buys abroad, by product
WTO · merchandise imports by product group · current US$
2024 · latest point
Fuels and mining dominate at $265.52 billion, closely followed by manufactures at $327.33 billion.
This annual multi‑line chart mirrors the export‑basket chart, but for imports. Fuels and mining imports grew from $6.98 billion in 1980 to $265.52 billion in 2024, mainly because of crude oil. Manufactures imports, $5.35 billion in 1980, reached $327.33 billion, with machinery and transport alone accounting for $163.86 billion. Agricultural imports rose from $1.48 billion to $45.66 billion. The lines show that energy is the single biggest import category in dollar terms, but the broader manufactured‑goods category, dominated by capital equipment, is also huge. Together they explain why the import bill is so large and why reducing the deficit is hard: these are the inputs the economy runs on.
Who are India’s top export destinations?
The next chart ranks every country by how much Indian merchandise they bought in 2024. While the full list stretches past 200 nations, the largest markets cluster in North America, West Asia, and Asia. One visible pattern is that many of these top partners are also places where Indian refined petroleum, engineering goods, and textiles end up. The short version: India sells to a wide world, but the heavy hitters are important, they keep factory floors busy and ports humming.
Where India's exports go
UN Comtrade · India imports · 2024
India sells to a broad set of countries, with large markets in the US, UAE, and Asia.
The bar chart ranks India’s merchandise export partners for 2024. The tallest bars represent countries that together absorb a significant share of India’s factory output and refined fuels. Many of these nations are regional giants or neighbours. The spread across continents, Americas, Europe, Asia, Africa, underlines that India is not reliant on a single geography. However, the visual also hints that the top few nations carry disproportionate weight, a theme the concentration chart later quantifies.
Where do India’s imports come from?
The import partner chart flips the lens. The list is different: East and Southeast Asian countries dominate, and the Middle East is large because of crude oil. China usually sits at the top. This chart exposes why India runs a trade deficit: the geography of our supply is much more concentrated than the geography of our sales. The things India needs, fuel, electronics, machinery, come from a smaller set of countries, often at prices set by global markets.
Where India's imports come from
UN Comtrade · India imports · 2024
Suppliers are geographically concentrated, with China and oil‑rich nations at the top.
Mirroring the export chart, this bar chart ranks import sources for 2024. The top entries are concentrated in East and Southeast Asia and the Middle East. China’s position is typically the highest, reflecting India’s insatiable need for electronics, machinery, and chemicals. The Middle Eastern bars represent crude oil and gas. This concentration explains why the import bill is so sensitive to global commodity prices and geopolitical events. Unlike the export side, where destinations are more spread out, import sources are heavily weighted toward a few regions.
What are the biggest items India exports?
This bar chart breaks merchandise exports into HS product chapters for 2024. Electrical machinery and equipment topped the list; the chapter covering phones, transformers, and circuits alone accounted for billions. Next came petroleum products, vehicles, pharmaceuticals, and articles of apparel and clothing. The mix confirms the transformation: India is shipping high‑value factory output, not just traditional crafts. For the average reader, this means that when you hear "Indian exports," you should picture a mobile phone component or a pill vial as much as a cotton shirt.
India's biggest export products
UN Comtrade · HS chapters · 2024
Electrical machinery and equipment lead, followed by refined petroleum and vehicles.
This bar chart lists the top HS‑2‑chapter exports of 2024. Chapter 85 (electrical machinery) topped the list; it includes smartphone components, transformers, and connectors. Next come petroleum oils (Chapter 27), vehicles, pharmaceutical products, and apparel. Even smaller chapters add up to a picture of a diversified, high‑value export basket. The chart reinforces the earlier product‑group story: India ships a lot of tech and engineering goods, not just agricultural commodities. For anyone trying to understand what ‘Made in India’ really means in export markets, this is the picture.
What does India import the most?
On the import side, the bar chart tells a raw‑material story. Crude petroleum and natural gas sit at the top, followed by electronic integrated circuits, gold, and machinery. Fertilizers also feature heavily, $7.7 billion in 2024. These are the must‑haves that power farms, factories, and households. Because India cannot yet produce enough of these at home, the import bill stays high. That is the genesis of the deficit.
India's biggest import products
UN Comtrade · HS chapters · 2024
Energy and electronic components dominate India’s import bill.
The import‑product bars highlight what India must buy from abroad. Crude petroleum and natural gas are consistently the largest chapter, followed by electronic integrated circuits, gold, and machinery. Fertilizers, at $7.7 billion, are another essential import that keeps farms productive. These are not discretionary purchases, they power the grid, build industry, and feed the population. The chart makes the deficit tangible: when you see how much more the oil bar stretches compared to any single export product, the puzzle of the trade gap starts to make sense.
How is India’s trade doing right now?
The monthly line chart tracks merchandise exports and imports from May 2020 to April 2026. The latest month recorded $43.56 billion in exports and $71.94 billion in imports, leaving a gap of about $28 billion. The Covid dip, the post‑2021 bounce, and a more recent plateau are all visible. This high‑frequency view confirms that, while exports have grown, imports have expanded faster, keeping the monthly deficit wide.
The latest monthly trade
WTO · monthly merchandise trade · current US$
2026-04 · latest point
In April 2026, exports were $43.56 billion against imports of $71.94 billion, a $28 billion monthly deficit.
This line chart tracks monthly merchandise exports and imports from May 2020 to April 2026. Both lines plummeted during the Covid lockdowns of 2020, then recovered sharply. Since 2022, exports have hovered around $40‑45 billion a month, while imports have stayed above $60 billion, often touching $70 billion. The gap is persistent. The latest reading shows a deficit of about $28 billion, which, if annualised, would approach $300‑350 billion. This high‑frequency view is a reality check: even as annual export totals rise, the monthly trade bill remains in the red.
What does India buy from abroad, and why?
Returning to annual data, the product‑group import chart shows the structure behind the deficit. Fuels and mining imports reached $265.52 billion in 2024; manufactures, at $327.33 billion, included $163.86 billion in machinery and transport equipment. Agriculture imports stood at $45.66 billion. The picture is straightforward: India buys energy and heavy machinery. These are not luxuries, they are inputs that run the economy. The deficit is, in this sense, a side effect of development.
Why is India’s trade with China so lopsided?
The China‑specific chart puts two lines side by side. Imports from China rose from $1.48 billion in 2000 to $126.96 billion in 2024. Exports to China, however, grew only from $0.73 billion to $14.9 billion. The result is a deficit of over $110 billion, far larger than with any other partner. China ships electronics, machinery, and chemicals that Indian factories and power grids depend on. Indian sales to China, mostly iron ore and some chemicals, are a fraction. This imbalance is not a one‑year story; the gap has been widening for two decades, and it is the single biggest trade challenge visible in the data.
India's lopsided trade with China
UN Comtrade · India–China merchandise trade
2024 · latest point
Imports from China hit $126.96 billion, while exports were just $14.9 billion in 2024.
Two lines from 2000 to 2024 tell a stark story. Imports from China started at $1.48 billion and climbed steadily to $126.96 billion, particularly accelerating after 2010. Exports rose from $0.73 billion to $14.9 billion, a much flatter trajectory. The gap between the lines is India’s largest bilateral deficit. China supplies electronics, machinery, and chemicals that feed Indian manufacturing. Indian exports to China are primarily raw materials like iron ore. The chart shows that this imbalance is not a recent blip, it has been widening structurally for two decades, making China India’s most important, and most imbalanced, trading partner.
How did Russia suddenly become a huge supplier?
The Russia chart captures a geopolitical shock. Before 2022, imports from Russia were modest, a few billion dollars a year. By 2024, they jumped to $67.15 billion, almost entirely from crude oil bought at discount during the Ukraine‑sanctions period. Exports to Russia, at $4.84 billion, remain small. The lines show how fast a trade map can redrawn when events shift. Russia now sits among India’s top suppliers, a position it reached in less than two years.
The Russia trade surge
UN Comtrade · India–Russia merchandise trade
2024 · latest point
Imports from Russia jumped from negligible levels to $67.15 billion in 2024, almost entirely crude oil.
The Russia chart shows imports and exports from 2000 to 2024. Before 2022, imports were typically below $10 billion. After the Ukraine‑related sanctions, India began buying heavily discounted Russian crude, and the import line shot up to $67.15 billion. Exports remained tiny at $4.84 billion. This one event transformed Russia from a minor trade partner into a top‑two or top‑three supplier, completely on the back of energy deals. The chart illustrates how quickly geopolitics can reshape trade maps, turning a relatively dormant partnership into a major supply route within two years.
Which regions get most of India’s exports?
The multi‑line regional export chart spans 2000‑2024. Europe & CIS and North America are neck‑and‑neck at $90.35 billion and $89.15 billion respectively. East & Southeast Asia receives $77.2 billion, the Middle East $72.25 billion, Africa $36.44 billion, and South Asia $26.5 billion. The spread is reasonably even across three continents. This geographic balance means that a slowdown in one region does not typically derail total exports, a feature that Indian policymakers often highlight.
Where India's exports go, by region
UN Comtrade · merchandise exports by region · benchmark years
2024 · latest point
Europe & CIS and North America are neck‑and‑neck at $90 billion each, while exports spread across other regions too.
Six lines span 2000‑2024 for exports to six regions. Europe & CIS ($90.35 billion) and North America ($89.15 billion) are virtually tied for the top spot. East & Southeast Asia takes $77.2 billion, the Middle East $72.25 billion, Africa $36.44 billion, and South Asia $26.5 billion. The lines have risen together, maintaining a relatively balanced distribution. This geographical spread is a structural advantage: if one region’s economy slows, India still has other major markets. The chart reinforces the narrative that India’s exports are not concentrated in one continent, a theme the final chart on partner‑concentration also confirms.
Which regions does India rely on for imports?
Imports by region, however, are heavily skewed. East & Southeast Asia tops the chart at $252.92 billion, driven by China. The Middle East follows at $149.08 billion, Europe & CIS at $140.36 billion, and North America far behind at $49.31 billion. The concentration in Asia is stark. Two regions account for more than half of all imports. This asymmetry is the source of the deficit and a reminder that India’s energy and electronics supply chains are not yet diversified.
Where India's imports come from, by region
UN Comtrade · merchandise imports by region · benchmark years
2024 · latest point
East & Southeast Asia alone accounts for $252.92 billion, far ahead of the Middle East ($149.08 billion) and Europe ($140.36 billion).
This regional import chart uses four lines (East & SE Asia, Middle East, Europe & CIS, North America) from 2000 to 2024. The East & SE Asia line soars to $252.92 billion, driven by China, Japan, and ASEAN electronics and machinery. The Middle East line, at $149.08 billion, reflects crude oil; Europe & CIS at $140.36 billion brings in machinery and transport equipment. North America is a distant fourth at $49.31 billion. The concentration in Asia is striking: two regions supply nearly 60% of all imports. This asymmetry is the core reason for the persistent trade deficit, India’s import sources are far less diversified than its export markets.
Is India too dependent on a few customers?
The final chart answers the concentration question. The share of exports going to the top‑five partners fell from 43.7% in 2000 to 39.4% in 2024. The decline, while gradual, signals that India is finding buyers beyond the old established markets. This is a positive drift. A more diversified customer base cushions against shocks, such as a trade spat with any single country. Put together, the charts show a trading nation that is growing, still importing more than it exports, but slowly spreading its risk.
Is India's customer base concentrated?
trade-derived · trade.derived.export_partner_top5_share
2024 · latest point
The top‑five share fell from 43.7% to 39.4%, exports are becoming more diversified.
A single line tracks the percentage of total merchandise exports going to India’s five largest partners from 2000 to 2024. The line starts at 43.7% and gradually declines to 39.4%. This means India is selling a larger fraction of its goods to countries outside the top five. The trend is modest but steady, suggesting that India’s export relationships are broadening. While the top partners still account for a significant chunk, the direction is towards less reliance on a narrow set of buyers. This is a positive sign for stability: when one big customer hits a snag, a more diversified portfolio helps cushion the blow.