A country's exports are better understood when you can see the overall economy's exports. In this article, we will examine the top five export products from India and the current market conditions for each export category.
As a member of the Brazil, Russia, India and China (BRIC) economies, India is emerging as a significant player in the global and national markets. It is currently the 17th largest exporting economy in the world. This status gives India the foothold it needs to remain competitive in international trade.
India's exports have seen impressive growth over the past five years - an annual rate of 1.2% - which created a negative trade balance of $125B in 2017. According to the OEC, India's Gross Domestic Product (GDP) is $2,6T while GDP per capita in 2017 was $7,06K.
What does India export?
India's main exports (currency shown in US dollars) include:
- Refined Petroleum ($30.2B)
- Diamond ($26.5B)
- Packaged Drugs ($13.2B)
- Jewelry {$8.66B)
- Rice ($7.05B)
As you can see, refined oil accounts for a large portion of India's main exports. In fact, it accounted for 10.3% of the country's total exports, closely followed by diamonds at 9.1%.
Some thoughts and reflections on India's main exports
Many initiatives are aimed at increasing India's major exports and major imports. Government efforts, planning and strategies have largely contributed directly to overall growth, and the world has taken note of India as a true economic powerhouse.
Government benefits include export programs, financial assistance and other state-mandated benefits provided by the Indian government to its economy. So far, everything is heading in the right direction, including increasing exports for the foreseeable future.
Although India is one of the largest economies in the world, it is interesting that the government has created an economic platform that encourages progress in India. Away from the country's developing external environment, India is using its unique market position to compete in a rapidly globalized network of global exporters.
All in all, India also has a robust economic approach to responding to unexpected external forces. Its main exports are viable, limited natural resources, or they align with current demand for retail products around the world. In short, India's efforts to actively manage its imports and exports are paying off, making it a smart choice for international business.
