India received 40% of the GDP from foreign trading. Still, India is a trade deficit country. However, the percentage of differences is 10% to 20% only. Hence, India’s trade deficit is not going to affect our economy. India does levy a higher import duty on anti-dumping goods. Thus, it checks such bad practices in imports. India trades with WCO listed countries. Hence, it exports and imports from more than 100 countries of this world. You can check such details as of 2020 on Seair Exim Solutions. They are a trusted export-import data provider and market research firm in India.
India's major export participants are to the below-mentioned countries.
· United States-16.8%
· United Arab Emirates- 9.1%
· China- 5.3%
· Hong Kong- 3.6%
· Singapore- 3.3%
· Netherlands- 2.8%
· United Kingdom- 2.7%
· Germany- 2.7%
· Bangladesh- 2.6%
· Nepal- 2.2%
India's major import participants are to the below-mentioned countries.
· China- 14.3%
· United States- 7.3%
· United Arab Emirates- 6.3%
· Saudi Arabia- 5.6%
· Iraq- 4.6%
· Switzerland- 3.7%
· Hong Kong- 3.6%
· South Korea- 3.4%
· Indonesia- 3.3%
· Singapore- 3.1%
Top trading participant of India is the United States, China, and the United Arab emirates. All these developed countries are depended on exports f their finished products and they need Indian goods as raw materials. Hence, a trade balance happens and demand and supply are fulfilled by exporting goods to those top foreign trade partners and importing goods from them to India. Hence, the trade value is in billion USD every year. Here, a few goods are exempted from customs duty. The goods received in India are automobiles, heavy machinery, and crude oil and food products.
The main trading participant of India varies with seasons. India exports food grains soon after the harvest season. Thus, it exports them to Southeast Asian countries, African countries, and neighboring countries like Nepal, Bhutan, Pakistan, and Sri Lanka. We do import goods from other countries as raw materials and finished goods. Thus, the main trading participants for crude oil are Middle East countries, China for plastic articles, and The United state for supplying textiles.
You can check seair.co.in for any export import data details. You will get goods in trade with hs code finder, and tariffs. Here, you can check with the list for most preferred trading nations, duty-free trading countries, and goods type from India and to India by imports.
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