Trade policy

摘要

The Economist Intelligence Unit reports that merchandise exports (free on board-fob) from India totalled US$331.3bn in 2019, roughly unchanged from 2018. Merchandise imports (fob) stood at US$489bn in 2019 to yield a trade deficit of US$157.7bn, compared with imports of US$518.8bn in 2018 and a US$186.7bn deficit. The services balance remained in surplus at US$84.2bn in 2019, up from US$80.8bn in 2018. According to the Ministry of Commerce and Industry, during fiscal year 2019/20 (ending March 31st) the top export destinations were the US, followed by the UAE, China and Hong Kong. China was the single largest source of India's imports, followed by the US, the UAE and Saudi Arabia. The top merchandise export categories during the year were chemicals and related products, petroleum crude and products, gems and jewellery, textiles and machinery. Top import categories were petroleum and crude products, gems and jewellery, and electronic items.