New Delhi: India’s business landscape has changed since the beginning of the new millennium. India’s exports have increased 12 times and imports 15 times. This growth has not only diversified the product range but also expanded into new geographies, helping India make its mark in global trade.
The US has been India’s top trading partner for more than two decades. The US has been India’s largest trading partner since 1999–2000. Since then the US has regularly been the primary export destination and among the top five import sources for India. China, India’s 16th trading partner, has become its second largest trading partner in this century. Apart from this, China is the largest source of imports for India.
Apart from America, European countries like Germany, Belgium, Britain were India’s traditional export markets. However, after 1999–2000, trade relations with other regions of India strengthened. Exports to Asia, West Asia and Africa, especially China, Singapore, United Arab Emirates (UAE) and Japan, increased.
According to the Economic Survey 2023-24, India’s total exports to developing regions – Asia and Africa – are expected to increase from 42.9 per cent in 1999-2000 (FY2000) to 52 per cent in FY2024. UAE, Singapore, China, Russia and Australia have emerged as major export partners of India.
The survey also shows that the share of India’s top 10 export destinations has declined from 61.9 per cent in FY2000 to 50.5 per cent in FY2024. This is also a sign of increasing India’s export base.
