Overview In January 2024 India exported $36.9B and imported $53.4B, resulting in a negative trade balance of $16.5B. Between January 2023 and January 2024 the exports of India have increased by $1.19B (3.32%) from $35.7B to $36.9B, while imports increased by $1.3B (2.49%) from $52.1B to $53.4B.
Trade In January 2024, the top exports of India were Petroleum Products ($8.2B), Drug Formulations, Biologicals ($1.63B), Telecom Instruments ($1.42B), Pearl, Precs, Semiprecs Stones ($1.33B), and Gold And Oth Precs Metl Jwlery ($1.15B). In January 2024 the top imports of India were Petroleum: Crude ($12B), Electronics Components ($3.56B), Petroleum Products ($3.49B), Coal,co*ke And Briquittes Etc ($3.18B), and Gold ($1.91B).
Destinations In January 2024, India exported mostly to United States ($6.07B), United Arab Emirates ($3.31B), Singapore ($2.04B), Netherlands ($1.75B), and China ($1.55B), and imported mostly from China ($8.96B), Russia ($5.72B), United Arab Emirates ($4.46B), Iraq ($2.64B), and United States ($2.35B).
Growth In January 2024, the increase in India's year-by-year exports was explained primarily by an increase in exports to Singapore ($1.15B or 130%), United Arab Emirates ($748M or 29.2%), and Pakistan ($668M or 1.42k%), and product exports increase in Petroleum Products ($525M or 6.84%), Iron Ore ($306M or 110%), and Aircraft, Spacecraft And Parts ($261M or 199%). In January 2024, the increase in India's year-by-year imports was explained primarily by an increase in imports from China ($1.07B or 13.5%), United Arab Emirates ($904M or 25.4%), and Russia ($666M or 13.2%), and product imports increase in Electronics Components ($1.5B or 72.7%), Gold ($1.21B or 173%), and Coal,co*ke And Briquittes Etc ($553M or 21.1%).
