The world’s seventh largest county; India is situated in the southern part of Asia continent. As per the recent trade database India, it is holding the 14th position in the list of world’s top importers and 18th position in exporters. India is rapidly improving its economy and there are lots of reasons behind this success but the major sector is import-export. Indian traders are putting their crucial efforts to maintain and improve their trade relations with other developed countries in the world including the United States, United Kingdom, China, Germany, Russia, United Arab Emirates, Switzerland and many more.
Trade relation with the United States
The United States is the largest trading partner of India which helps in improving Indian economy by importing high-quality products from Indian traders. In the past year, the United States imported high-quality products from India worth of US $47.7 Billion Dollars (Covered 16% of total Indian exports). The major imports of USA from India are diamonds, packaged medicaments, and refined petroleum, Jewelry, House linens and many more.
Trade relation with China
China is the second largest country which helps Indian traders to do successful trade business. China is the largest populated country in the world and holding the first position in the list of top exporting countries. In 2016, China exported $58.4 Billion Dollars’ worth of products to India including telephones, computers, electronic items, broadcasting equipment and video displays etc.
Trade relation with United Arab Emirates
According to the last year’s trade database India, United Arab Emirates (UAE) is the third largest trading partner of India. Recently UAE imported $30 Billions of products from India which covers 12% of Indian exports. The UAE majorly imports Gold, Diamond, Jewelry, Rice and Broadcasting equipment etc. from India.