Overview In January 2023 India exported $35.7B and imported $52.1B, resulting in a negative trade balance of $16.3B. Between January 2022 and January 2023 the exports of India have increased by $503M (1.43%) from $35.2B to $35.7B, while imports decreased by $-197M (-0.38%) from $52.3B to $52.1B.
Trade In January 2023, the top exports of India were Petroleum Products ($7.68B), Pearl, Precs, Semiprecs Stones ($1.61B), Drug Formulations, Biologicals ($1.52B), Telecom Instruments ($1.26B), and Electric Machinery And Equipme ($976M). In January 2023 the top imports of India were Petroleum: Crude ($12.1B), Petroleum Products ($3.86B), Coal,Coke And Briquittes Etc ($2.62B), Electronics Components ($2.06B), and Vegetable Oils ($2B).
Destinations In January 2023, India exported mostly to United States ($5.86B), United Arab Emirates ($2.56B), Netherlands ($2.26B), China ($1.16B), and Saudi Arabia ($937M), and imported mostly from China ($7.89B), Russia ($5.06B), United States ($4.07B), United Arab Emirates ($3.56B), and Saudi Arabia ($3.26B).
Growth In January 2023, the increase in India's year-by-year exports was explained primarily by an increase in exports to United States ($1.53B or 30.9%), Bangladesh ($1.04B or 108%), and United Arab Emirates ($747M or 47.8%), and product exports increase in Petroleum Products ($2.39B or 110%), Iron And Steel ($752M or 86.2%), and Sugar ($586M or 288%). In January 2023, the decrease in India's year-by-year imports was explained primarily by an decrease in imports from Switzerland ($-1.63B or -69.8%), United Arab Emirates ($-213M or -6.33%), and Indonesia ($-183M or -12.4%), and product imports decrease in Gold ($-1.65B or -40.9%), Ship, Boat And Floating Struct ($-363M or -59.4%), and Sugar ($-42.4M or -98.1%).