Foreign trade registers a deficit of $203 billion; crude oil is India's most imported commodity, while refined petroleum oil and other petroleum products are its most exported commodities
India’s total foreign trade in this calendar year crossed the $1 trillion mark in November. India exported $422.23 billion worth of commodities and services, while imports stood at $625.87 billion till November. According to Ministry of Commerce and Industry data, India’s foreign trade registered a deficit of $203 billion for the 11 months of this calendar year; however, compared to the same period last year, it has decreased by $40 billion.
The United States is India’s biggest trading partner, with total trade between the two countries amounting to almost $100 billion till October of this calendar year. With exports worth $63.36 billion and total imports amounting to $36.50 billion, India has achieved the highest trade surplus of over $26 billion from its foreign trade with the United States.
The United States is also the most prominent destination of India’s services exports. India had exported $163 billion worth of services by September this year; a large chunk of it went to the United States. “The figures demonstrate India’s persistence and relevance in the global service trade arena. The United States, as the largest market for our services, continues to be a fundamental driver of our performance. Despite the pandemic’s hurdles, India’s dedication to building a rich talent pool and sustaining Atmanirbhar Bharat initiatives has made us a strong partner to the US, driving our services exports,” says Balaji Viswanathan, MD & CEO, Expleo India, a global engineering, technology and consulting service provider.