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2023
Economic Complexity
Trade 0.65Rank 39 of 132
2021
Economic Complexity
Technology 1Rank 22 of 96
2022
Economic Complexity
Research -0.63Rank 96 of 140
2023
Product
Exports | Imports $441B | $667B12 of 226 |  7 of 226
2023
Per Capita Product
Exports | Imports $307 | $464150 of 220 |  184 of 220

About

Overview In 2023, India was the number 5 economy in the world in terms of GDP (current US$), the number 12 in total exports, the number 7 in total imports, the number 148 economy in terms of GDP per capita (current US$) and the number 39 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of India are Refined Petroleum ($55.8B), Packaged Medicaments ($23.6B), Diamonds ($21B), Broadcasting Equipment ($20.7B), and Jewellery ($13.1B), exporting mostly to United States ($85.5B), United Arab Emirates ($28.8B), China ($18.1B), Germany ($15B), and United Kingdom ($14.4B).

In 2023, India was the world's biggest exporter of Diamonds ($21B), Jewellery ($13.1B), Rice ($11.4B), Non-Retail Pure Cotton Yarn ($3.52B), and Synthetic Reconstructed Jewellery Stones ($2.05B)

Imports The top imports of India are Crude Petroleum ($140B), Gold ($45B), Coal Briquettes ($39B), Petroleum Gas ($24.8B), and Integrated Circuits ($18.6B), importing mostly from China ($125B), Russia ($66.1B), United States ($41.4B), United Arab Emirates ($38.2B), and Saudi Arabia ($34.8B).

In 2023, India was the world's biggest importer of Telephones ($10.3B), Palm Oil ($8.7B), Mixed Mineral or Chemical Fertilizers ($5.2B), Soybean Oil ($3.59B), and Scrap Aluminium ($3.57B)

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

Latest Trends

November, 2024

About

Overview In November 2024 India exported $32B and imported $63.9B, resulting in a negative trade balance of $31.8B. Between November 2023 and November 2024 the exports of India have decreased by $-1.83B (-5.41%) from $33.9B to $32B, while imports increased by $9.38B (17.2%) from $54.5B to $63.9B.

Trade In November 2024, the top exports of India were Petroleum Products ($3.66B), Telecom Instruments ($2.56B), Drug Formulations, Biologicals ($1.69B), Gold And Oth Precs Metl Jwlery ($1.32B), and Electric Machinery And Equipme ($1.12B). In November 2024 the top imports of India were Petroleum: Crude ($12.4B), Gold ($9.84B), Petroleum Products ($3.51B), Electronics Components ($2.9B), and Coal,Coke And Briquittes Etc ($2.38B).

Destinations In November 2024, India exported mostly to United States ($5.71B), United Arab Emirates ($3.01B), Netherlands ($1.4B), China ($1.17B), and Singapore ($971M), and imported mostly from China ($8.69B), United Arab Emirates ($5.43B), Russia ($5.05B), Switzerland ($4.8B), and United States ($3.75B).

Growth In November 2024, the decrease in India's year-by-year exports was explained primarily by an decrease in exports to Netherlands ($-714M or -33.8%), Hong Kong ($-278M or -37.9%), and Tanzania ($-252M or -47.9%), and product exports decrease in Petroleum Products ($-3.8B or -50.9%), Pearl, Precs, Semiprecs Stones ($-578M or -43.8%), and Iron Ore ($-255M or -70.8%). In November 2024, the increase in India's year-by-year imports was explained primarily by an increase in imports from Switzerland ($3.24B or 208%), United Arab Emirates ($2.5B or 85.6%), and Saudi Arabia ($940M or 35.6%), and product imports increase in Gold ($6.4B or 186%), Vegetable Oils ($881M or 87.9%), and Petroleum: Crude ($533M or 4.49%).

Latest Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)$-1.83B(-5.41%)
IMPORT GROWTH (November 2023 - November 2024)$9.38B(17.2%)
MAIN DESTINATION (November 2024)United States$5.71B

This section shows exports and imports data at subnational level for India. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of India over time.

For full datasets download visit Bulk Download page.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Refined Petroleum$55.8B
Top Destination (2023)United States$85.5B

In 2023, India exported a total of $441B, making it the number 12 exporter in the world. During the last five reported years the exports of India have changed by $104B from $337B in 2018 to $441B in 2023.

The most recent exports are led by Refined Petroleum ($55.8B), Packaged Medicaments ($23.6B), Diamonds ($21B), Broadcasting Equipment ($20.7B), and Jewellery ($13.1B). The most common destination for the exports of India are United States ($85.5B), United Arab Emirates ($28.8B), China ($18.1B), Germany ($15B), and United Kingdom ($14.4B).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2022 - 2023)
China$1.38B (+ 8.28%)
United Arab Emirates$1.27B (+ 4.63%)
Mozambique$1.2B (+ 112%)
Fastest Growing Import Markets (2022 - 2023)
Russia$25.8B (+ 63.8%)
China$22.8B (+ 22.3%)
Germany$3.19B (+ 22%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

Type
Flow
Depth
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Service Trade

Service Trade

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).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)0.65Rank 39 of 132
Economic Complexity (Technology)1Rank 22 of 96
Economic Complexity (Research)-0.63Rank 96 of 140

Most Specialized Products by RCA Index

India has a high level of specialization in Spice Seeds (23.2), Granite (20.3), Synthetic Reconstructed Jewellery Stones (19.6), Knotted Carpets (19.3), and Iron Ingots (18.8). 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

The highest complexity exports of India according to the product complexity index (PCI) are Stainless steel bars and rods, hot-rolled, in irregularly wound coils (1.66), Ion-exchangers; based on polymers of heading no. 3901 to 3913, in primary... (1.65), Machinery; for making pulp of fibrous cellulosic material, or for making or... (1.63), Stainless steel wire (1.61), and Copper Springs (1.55). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for India according to the relatedness index, were Fake Hair (0.43), Chromium Ore (0.43), Niobium, Tantalum, Vanadium and Zirconium Ore (0.42), Knit Men's Coats (0.42), and Knit Sweaters (0.42). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that India is not specialized in.

Product Space

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

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.

Relatedness Space (2023)

Diversification Frontier

Filter
Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years India's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨47th to the 39th⁩ 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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ECI (Trade) Ranking by Country

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