Plan your exports knowing India’s trading partners

India is a South Asian nation with the largest market on the continent. Being a country with a massive population and abundance of resources, it is one of the emerging markets in the export industry. The value of exports from India to other countries has seen an upward trend, and there is a lot of scope for new sellers in the export industry.

Unlike earlier, India now exports to so many countries without any barriers. The presence of large eCommerce platforms like Amazon in almost every nation has allowed easy trade. India has also seen improvements in many sectors due to the international selling decisions of various exporters.

The Indian businesses have always delineated an impressive record of bringing profits to the country via exports. From textiles to pharmaceuticals and from minerals to fuels, the export from India to other countries has become a significant part of the economy’s growth. Following are the top trade partners of India that you must know if you want to begin exporting.

Relations with the UAE

The middle east countries and India have shared trade links for many centuries now. After the dominance of traditional items for trade, including dates, pearls, etc., the countries now trade in crude oil. Major exports from India to other countries in the UAE include petroleum products, precious stones, gems, metals, jewelry, food items, textiles, machinery, engineering products, and chemicals. The products involved in the bilateral trade are much diversified, and the deepening bonds of import and export have given India a pool of opportunities. UAE was the third largest export destination for India for the year 2019-20. The investments have also increased year after year, making India a stronger economy than before. Both the foreign direct and portfolio investments have improved job creation and hence helped the youth utilize their energy and skills to make India self-sufficient.

Relations with the USA

The United States of America and India have so much in common. The commitment to democratic principles, freedom, equality, and the rule of law, are very similar in both nations. It makes a tipping point of trade between the two countries. Intending to promote global security, economic prosperity, and stability, India had entered into trade relations with the USA. Since then, there is only an upward movement in investment and connectivity in both nations. The export of products from India to other countries of the USA has boosted the individual businesses and the country-wide growth. India and the USA cooperate much closely on the international front. The bilateral trade between the two economies stood at 88.75 billion dollars in the financial year 2019-20. The USA is a developed nation and has so many opportunities for growth and development for India.

Relations with the EU

The European Union is a transparent, robust, and non-discriminatory business environment for sellers from India. The EU offers Indian exporters to tap the locked potential of bilateral trade between the countries. The trade statistics show that the European Union is the second-largest destination for exports, with 14% of the total outward sale from India. Both goods and services are highly in demand in the countries of Europe. The sale of goods took a 72% hike in the last decade, and the services exchanged between the two borders were 32.7 billion euros. Europe is a free trade market, and India has been a partner since 2007. The people living in Europe are open to new product launches from India and have become loyal buyers. This has given Indian sellers an excellent opportunity to export from India to other countries and flourish in the competition.

India has maintained cordial relationships with its fellow countries ever since the inauguration of the LPG policy. The buying and selling of goods and services across borders have given countries an open platform to thrive and move ahead in the competition. And unlike earlier, with the advent of eCommerce platforms like Amazon, trading has become easier and more profitable.

It offers a larger magnitude of trade and commerce from one country to another, establishing robust international relations. All big and small enterprises stand at the same front and have equal opportunities to start their exports from India to other countries in the world.

The global selling program enables sellers to open an account and freely sell to various countries from the comfort of their homes. Governments have become heavily reliant on imports and exports as a means of development. Each nation has a distinct set of resources and skills scattered across different states.

They fulfill their deficit by buying from other countries and distribute their surplus by selling to other countries. This helps the government keep a check on the country’s balance of payments. And international trade is inevitable, so now is always the right time if you want to invest in exports.

Disclaimer: Brand desk content