India has been in the business of export for ages. Starting right from industrial goods to food grains, the country has always been involved in the process of exporting various commodities around the globe. India is recognized as the major emerging economies and is also termed as one of the so-called BRIC economies. Not only the country is known as the largest exporter of commodities but also is a leading contributor to the national economy. The nation has had a healthy trade surplus of $340 million at the start of the last 15 years.
The country stands at the 16th rank among the largest product export economies in the world. From the Indian customs export data, it could be revealed that the country had a total export worth of 322,291,568.43 billion and has a plunge at 36.74 percent every year. In the year 2020, the country reached to export rate of 19.05 billion dollars. As per the first two months of the fiscal year of 2020-21, the exports of India were seen to have increased to 47.54 percent to reach a worth of 29.41 billion dollars. Similarly, the details of imports are received from the Custom Import Data of India that reveals that the total import worth of India is a sum of 617,945,603.08 dollars.
The main exporting products of India are as follows:
- Refined Petroleum with pricing of 30.2 billion dollars
- Diamonds with pricing of 26.5 billion dollars
- Packaged medicaments with pricing of 13.2 billion dollars
- Jewelry with pricing of 8.66 billion dollars
- Rice with pricing of 7.05 billion dollars.
Among all the export products, the export of petroleum itself contributes 10.3 percent towards India’s total exports and is followed by diamonds accounting for 9.1 percent of trade and so on. The other export commodities of the country in 2020 which could be known from the statistics of the Department of Commerce of Government of India are:
- Minerals with a value of 43,623.16 million USD
- Refined petroleum with a value of 32,435.65 million USD
- Automobiles with a value of 14,950.08 million USD, and so on.
All of these data about the products could be obtained from official directory sources of India. These details could be gained from the export custom data that provide details like the date, product description, HSN Code, name & address of foreign country, unit, quantity, total value in INR and USD currency, port name, etc. It also provides information on the leading export partners of India includes the United States of America, China, Singapore, the United Arab Emirates, Hong Kong, and the United Kingdom.