Overview In 2021, India was the number 6 economy in the world in terms of GDP (current US$), the number 14 in total exports, the number 11 in total imports, the number 137 economy in terms of GDP per capita (current US$) and the number 41 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of India are Refined Petroleum ($49B), Diamonds ($26.3B), Packaged Medicaments ($19.2B), Jewellery ($10.7B), and Rice ($10B), exporting mostly to United States ($71.2B), United Arab Emirates ($25.4B), China ($23.1B), Bangladesh ($14.1B), and Hong Kong ($11.2B).

In 2021, India was the world's biggest exporter of Diamonds ($26.3B), Rice ($10B), Non-Retail Pure Cotton Yarn ($4.69B), Synthetic Reconstructed Jewellery Stones ($1.46B), and Pepper ($1.33B)

Imports The top imports of India are Crude Petroleum ($93.5B), Gold ($58.4B), Coal Briquettes ($28.4B), Diamonds ($26B), and Petroleum Gas ($21.9B), importing mostly from China ($94.1B), United Arab Emirates ($42B), United States ($39.1B), Switzerland ($31.8B), and Saudi Arabia ($25.6B).

In 2021, India was the world's biggest importer of Coal Briquettes ($28.4B), Diamonds ($26B), Palm Oil ($8.72B), Soybean Oil ($5.6B), and Scrap Aluminium ($2.94B)

Location India borders Afghanistan, Bangladesh, Bhutan, Burma, China, Nepal, and Pakistan by land and Indonesia, Maldives, Sri Lanka, and Thailand by sea.

January, 2023

Historical Data

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Top Export (2021): Refined Petroleum, $49B

Top Destination (2021): United States, $71.2B

In 2021, India exported a total of $403B, making it the number 14 exporter in the world. During the last five reported years the exports of India have changed by $130B from $273B in 2016 to $403B in 2021.

The most recent exports are led by Refined Petroleum ($49B), Diamonds ($26.3B), Packaged Medicaments ($19.2B), Jewellery ($10.7B), and Rice ($10B). The most common destination for the exports of India are United States ($71.2B), United Arab Emirates ($25.4B), China ($23.1B), Bangladesh ($14.1B), and Hong Kong ($11.2B).

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Fastest Growing Export Markets (2020 - 2021)

Fastest Growing Import Markets (2020 - 2021)

India Exports Services (2020): $101B

India Imports Services (2020): $103B

In 2020, India exported $101B worth of services. The top services exported by India in 2020 were Miscellaneous business, professional, and technical services ($42.2B), Sea transport ($14.1B), Personal travel ($11.8B), Other government services ($8.77B), and Air transport ($5.48B).

The top services imported by India in 2020 were Miscellaneous business, professional, and technical services ($48B), Sea transport ($12.3B), Personal travel ($8.19B), Royalties and license fees ($7.24B), and Air transport ($6.94B).

Economic Complexity

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Most Specialized Products by RCA Index

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India has a high level of specialization in Processed Hair (23.9), Other Organic Compounds (23.1), Spice Seeds (23), Granite (22.3), and Coconut and Other Vegetable Fibers (22.1). Specialization is measured using RCA, an index that takes the ratio between India observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of India according to the product complexity index (PCI) are Other Esters (1.92), Hot-Rolled Stainless Steel Bars (1.65), Polymer Ion-Exchangers (1.65), Wrenches (1.63), and Tool Plates (1.63). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for India according to the relatedness index, were Chromium Ore (0.42), Niobium, Tantalum, Vanadium and Zirconium Ore (0.42), Knit Men's Coats (0.41), Fake Hair (0.4), and Animal Hair (0.4). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that India is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

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This network shows the products most related to the production structure of India. These are products that tend to be co-exported with the products that India exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Economic Complexity Ranking

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During the last 20 years India's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨52nd to the 41st⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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