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While US President Donald Trump complains about trade with India , raising tariffs on Indian goods to nearly 50 per cent, Washington, DC, continues to be New Delhi’s largest trading partner. Trump raised tariffs on Indian exports, condemning India’s purchase of oil and military equipment from Russia.
However, while the US is India’s largest trading partner, Russia is number 4 on the list, just behind China and the United Arab Emirates. India depends heavily on other nations for goods like coal, rubber, crude oil, and more. Its strong manufacturing base attracts international actors, making India among the top 20 trading nations in the world. India’s recent total trade (merchant exports plus imports) surpassed $1.6 trillion, according to recent trade statistics (FY 2023-24).
While India imports electronics, industrial machinery, and crude oil, the nation exports a wide range of goods, such as pharmaceuticals, gems and jewellery, petroleum products, and electronics. Here are some of India’s top trading partners.
United States of America: India’s largest trading partner
The US is India’s biggest trading partner, with a combined trade volume of over $71.39 billion in 2023. It is a major importer of crude oil, machinery, and chemicals for India. Meanwhile, India’s top exports to the country include jewellery, textiles, gems, and pharmaceuticals.
China
Back in 2023, India’s trade volume with China was over $13.6 billion, making it New Delhi’s second-largest trading partner. While India receives a significant amount of its chemicals, machinery, and electronics from China, cotton, marine products, and iron ore are among India’s top exports to China.
United Arab Emirates (UAE)
India’s combined trade volume with the United Arab Emirates is more than $28.76 billion in 2023, and with this, the UAE ranks as India’s third-largest trading partner. The West Asian nation is India’s primary supplier of natural gas and crude oil. Meanwhile, India exports Rice, textiles, and petroleum products to the Emirati nation.
Russia
With $44.37 billion in total trade, Russia is the fourth-largest trading partner of India. While New Delhi imports diamonds, fertilisers, and military hardware from Russia and not just crude oil, India exports tea, spices and medication to Moscow.
Saudi Arabia
Total trade between Saudi Arabia and India stands at $43.37 billion, making the West Asian nation India’s fifth-largest trading partner. Saudi Arabia is the primary supplier of natural gas and crude oil to India, which results in a $28.93 billion trade deficit. India, on the other hand, supplies the kingdom with rice, textiles and pharmaceuticals.
Overall, while Trump continues to crib about India, his tariffs just butchered the decades-long trade practices between the two nations.
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