Skip to content Market Opportunities
This section highlights volume of India’s trade with participating countries to design your trade and investment strategy
“Develop your market entry strategy”
Argentina
India and Argentina trade snapshot
Argentina Economic Fun Fact
- 3rd largest economy in South America
- Key player in the global agricultural market
- One of the largest producers and exporters of soybeans and soy products
- Rich in oil and gas deposits
- Has large Lithium reserves, crucial in EV manufacturing
- Tango, a renowned dance form, originated in Argentina
India and Argentina Trade information
- Argentina is India’s 47th largest trading partner and 38th largest import source
- Argentina is the largest source for India’s Soya bean oils import accounting for 42% of its total import
- India is the 9th largest exporter to Argentina accounting for 2.1% of its total import
- India is 4th largest exporter of petroleum products to the Argentina
Trade agreement with India
Under India – MERCOSUR Preferential Trade Agreement, Indian goods enjoy preferential tariff treatment in Argentina, Brazil, Paraguay and Uruguay
Export Potential
India has around USD 1 billion worth of untapped export potential to Argentina with Chemicals (USD 219 million), Motor vehicles and parts (162 million) and Electrical machineries (USD 176 million) having the highest untapped export potential
Belarus
India and Belarus trade snapshot
Belarus Economic Fun Fact
- Vital corridor between Europe and Russia
- Lungs of Europe- 40% of the country is covered by forests
- One of the largest producers and 3rd largest exporter of potash, critical component of fertilizers
- Major producer of agro-chemicals and agro-machinery
- Highest literacy rate in the world of close to 100%
India and Belarus Trade information
- Belarus is India’s 158th largest trading partner
- Belarus majorly imports medicaments, organic compounds, electrical equipment and shrimp from India.
- India is the top source of organic compounds for Belarus, accounting for 93% of its imports.
- Belarus supplies fertilizers and agro-machinery to India.
Export Potential
Of the total USD 138 million of India’s untapped export potential to Belarus, the highest untapped potential is in Machinery (USD 24 million), Textiles and apparel (USD 22 million) and Motor vehicles and parts (USD 18 million)
Bolivia
India and Bolivia trade snapshot:
Bolivia economic fun facts:
- Rich in natural scenic beauty surrounded by Andes Mountain, Amazon basin and Salar de Uyuni
- Rich in mineral resources, including silver, tin, zinc, and gold
- Among the largest producers of natural gas in South America
- Crucial role in global green economy transitions with huge lithium reserves
- Largest producer of cocoa leaves
India & Bolivia Trade
- Total trade at USD 1.16 billion in FY 2023-24
- India’s export accounts for just 6% of total trade with export value of USD 71.4 million
- India’s imports amount to USD 1.09 billion
- Top exports from India includes Automobiles (USD 29.3 million) and pharmaceutical products
- 99% of India’s import value from Bolivia consists of gold
Export Potential
India has an untapped potential of USD 153 million in Bolivia in sectors like Chemicals (USD 32 million), Machinery (USD 29 million) and Motor Vehicles and parts (USD 18 million)
Chile
India and Chile Trade & Economic relations
Chile economic snapshot
- It is the 6th largest economy in South America and has among the highest per capita income in the region
- It is the world’s largest copper producer, accounting for about 28% of global production
- Significant lithium reserves, crucial for EV manufacturing
- One of the leading exporters of fruits & seafood in the region. Among the top ten largest exporters of wine globally
- Leader in renewable energy, particularly solar and wind power
India and Chile trade relation
- India’s 5th largest trading partner in Latin America
- Bilateral trade has grown over 37% in last five years
- India’s top export to Chile consisits of Motorcars, Pharmacueticals, Articles of iron and steel
- India’s import from Chile majorly consists of copper ores and products accounting for 60% of its total imports
- Other major imports include halogen gasses, molybdenum ores & concentrates and nuts
Unatpped export potential
India has USD 1.3 billion worth of unrealised export potentail to Chile. Smartphones exports has the highest unrealised potential of USD 48 million followed by flat rolled iron and steel at USD 41 million
Ghana
India-Ghana trade and economic relations
Economic Snapshot:
- One of Africa’s fastest growing economies
- Largest gold-producing nation in Africa and 10th largest globally
- 2nd largest producer of cocoa in the world
- Emerging as a major oil-producing nation in Africa
- Has one of the highest fintech adoption rates in Africa
India-Ghana trade:
- Ghana is India’s 55th largest trading partner
- India is 3rd largest import source for Ghana
- India’s exports to Ghana include medicaments, construction machinery, rice, iron and steel and cotton fabrics.
- India’s imports from Ghana include gold, coconuts, oil seeds and wood.
- Ghana is the largest source of coconuts, Brazil nuts and cashew nuts for India.
Export Potential:
India has untapped export potential of USD 1 billion with Ghana with highest potential in semi or wholly milled rice (USD 263 million). Other sectors with untapped potential include Motor vehicles & parts (USD 120 million) and metals & metal products (USD 111.4 million).
Indonesia
Economic Snapshot:
- Largest economy in Southeast Asia
- World’s largest producer of palm oil
- Second largest producer of geothermal energy
- Fastest growing digital economy in Southeast Asia
- Youthful population with median age below 30 years
India-Indonesia trade:
- Indonesia is India’s 8th largest trading partner and 7th largest import source
- Indonesia supplies 55% of India’s palm oil import and second largest supplier of coal
- India majorly exports petroleum, floating structures, motor vehicles and bovine meat to Indonesia
- India is Indonesia’s largest source for bovine meat and 4th largest source of petroleum
Trade agreements:
- Part of the India- ASEAN Free Trade Area which eliminates trade barriers and reduces tariffs across trade in goods, services investment, and other areas
- Ongoing negotiations for Comprehensive Economic Cooperation Agreement (CECA) covering goods, services, investment, and other economic cooperation initiatives
Export Potential:
India has an unrealized export potential of USD 7.3 billion with Indonesia in products such as cane sugar (USD 414 million), ferro-chromium (USD 178 million) and semi-finished iron and steel (USD 176 million). Sectors with the highest untapped potential include metals and metal products, machinery and chemicals.
Italy
India and Italy Trade & Economic relations
Italy economic snapshot
- The eighth-largest economy globally and the third-largest in the Eurozone.
- A leading manufacturer of premium goods, globally recognized for design and quality.
- Home to iconic automotive brands such as Ferrari, Maserati, Lamborghini, and Fiat.
- Globally renowned for its luxury fashion brands; the fashion industry plays a pivotal role in the economy.
- One of the most visited countries in the world.
- The largest wine producer in the world and one of the largest producers of olives
India and Italy Trade Relation
- India and Italy’s goods trade stood at USD 14.5 billion in FY24, growing by 54% over the last five years.
- This growth has been primarily driven by India’s exports, which have increased by 76% during the same period, reaching USD 8.7 billion.
- Smartphones, petroleum products, ferrous metal products, and automotive parts are India’s top exports.
- India’s major imports from Italy include mechanical appliances, scrap and recovered paper, and paper products.
Untapped Export Potential
India has USD 8.4 billion worth of unrealized export potential with Italy. Medicaments for retail sales have the highest untapped export potential of USD 314 million followed by Unwrought Aluminum at USD 299 million and frozen shrimps and prawns USD 263 million.
Malaysia
India and Malaysia Trade & Economic relations
Malayasia economic snapshot
- 3rd largest economy in Southeast Asia
- 2nd largest producer of palm oil
- A key hub for semiconductor manufacturing, contributing around 13% of the global semiconductor assembly and testing market
- 3rd largest natural gas producer in the Asia Pacific region
- A critical logistics & trading hub in the region located at one of the busiest and most strategic shipping routes in the world.
- Malaysia is the world’s largest producer of medical gloves, contributing to about 65% of the global market
India and Malaysia Trade relation
- Malaysia is India’s 17th largest trading partner and 3rd largest in the ASEAN nations
- India ranks 12th among Malaysia’s import sources representing 2.4% of its total imports
- Bilateral trade has grown 14% in last five years
- Petroleum products, Aluminum, Bovine meat, Turbo jets & gas turbines, and Auxiliary vessels are India’s top exports
- India’s top imports include Petroleum oil, Palm oil, semiconductors and computing devices
- Malaysia was India’s 2nd largest palm oil source representing 28% of India’s total imports
Untapped Export Potential
India has around USD 6.5 billion worth of unrealized export potential to Malaysia. Rice exports had the highest untapped export potential at USD 177 million followed by Ferrous metal products at USD 172 million.
Norway
India and Norway Trade & Economic relations
Economic snapshot
- It is among the wealthiest countries in the world
- A significant oil and gas producer, it is also one of the largest natural gas exporters in Europe
- It boasts of a robust welfare state and has the largest sovereign wealth fund in the world, valued at USD 1.4 trillion.
- As a global leader in hydropower, 95% of its electricity is generated from hydropower plants
- It is the 2nd-largest exporter of seafood globally
- Key industries include shipbuilding, machinery, and chemicals
India & Norway trade relation
- Bilateral trade stands at mere USD 1.2 billion
- India exports USD 403 million worth goods
- Top export commodities include organic chemicals, processed food products, animal feed and textiles
- Top imports include petroleum gas, fertilizers and metals and metal scrap such as nickel, ferrous and aluminum waste & scarp
Trade Agreements
India signed Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association which includes Norway as one of the signatories.
Untapped Export Potential
India has around USD 747 million worth of unrealized export potential to Norway. Unwrought aluminum had the highest untapped export potential of USD 66 million followed by motor vehicles at USD 64 million
Russia
India and Russia Trade & Economic relations
Russia Economic Snapshot
- It is the largest country by area, spanning two continents—Europe and Asia
- Rich in natural resources
- It has the 6th largest oil & gas reserves and is the 3rd largest producer of these two commodities
- Among the biggest commodity exporters in the world- largest exporter of wheat and largest producer and exporter of palladium
- One of the largest exporters of nickel, used in stainless steel and batteries.
- A leading exporter of nitrogen and potassium fertilizers, crucial for agriculture
India and Russia Trade Relation
- Russia has emerged as a major trading partner for India in recent years
- Bilateral trade has seen remarkable growth in recent years growing by 547%
- Bilateral trade stood at USD 65.2 billion, of which, India’s export accounts for just 7%
- Oil & Petroleum are India’s biggest imports, accounting for 82% of total import. Coal, Diamonds & Sunflower seeds are other major imports
- India’s major exports include Pharmaceuticals, Stainless Steel, Communication equipment, Crustaceans
Untapped Exports Potential
India has an unrealized export potential of USD 3.4 billion. Motor Vehicles have the largest untapped export potential of USD 189 million. Pharmaceuticals have the second highest export potential of USD 146 million
South Africa
India-South Africa trade and economic relations
Economic Snapshot:
- Second largest economy of African continent
- Largest producer of platinum
- One of the largest producers of gold, chromium, manganese, and diamonds
- One of the top wine producers in the world
India-South Africa trade:
- South Africa is India’s 18th largest trading partner
- India imports gold, diamonds, coal and mineral ores from South Africa
- It is India’s largest source of manganese ores, 3rd largest source of gold
- India exports petroleum, automobiles, medicaments, telecommunication equipment to South Africa
Export Potential:
India has an unrealised potential of USD 2.7 billion with South Africa in major sectors such as Chemicals (USD 451 million), Machinery (USD 393 million) and Metals and metal products (USD 239 million).
Sri Lanka
India-Sri Lanka trade and economic relations
Economic Snapshot:
- Strategically located in the Indian Ocean
- World’s fourth-largest tea producer and third-largest tea exporter
- SMEs are the backbone of the economy, contributing around 52% of GDP
- One of the highest literacy rates in South Asia, at over 92%
- Tourism is the 3rd largest source of foreign exchange
India- Sri Lanka Trade:
- Sri Lanka is India’s 39th largest trading partner.
- The country is India’s largest source of pepper and second largest for animal feed.
- India on the other hand is Sri Lanka’s largest import source majorly exporting petroleum, sugar, medicaments and auxiliary vessels.
- India is the largest supplier of sugar and medicaments for Sri Lanka.
Trade Agreements:
- India-Sri Lanka Free Trade Agreement provides reduced tariffs on a wide range of goods.
- Negotiations are underway for a Comprehensive Economic Partnership Agreement (CEPA), which would include services, investment, and other areas of economic cooperation.
Export Potential:
India has an unrealised export potential of USD 429 million with Sri Lanka in sectors such as textiles, chemicals and pharmaceutical components.
Vietnam
India-Vietnam trade and economic relations
Economic Snapshot:
- One of the fastest growing economies in Southeast Asia, with average GDP growth of 6.2%
- Trade to GDP ratio of over 100%
- Largest exporter of cashew nuts and black pepper
- 70% of population is under 35 years of age
India-Vietnam trade:
- Vietnam is India’s 22nd largest trading partner and is a major supplier of electrical machinery to India.
- It is India’s second largest supplier of semiconductor devices and smartphones.
- India majorly exports agro and allied products, iron and steel and metals to Vietnam.
- India is Vietnam’s largest source of both bovine meat and shrimp and second largest source of rice.
Trade agreements:
Part of the India- ASEAN Free Trade Area which eliminates trade barriers and reduces tariffs across trade in goods, services, investment, and other areas.
Export Potential:
Untapped potential of USD 10 BN in sectors like metals and metal products (USD 2.14 billion), machinery (USD 1.6 billion) and chemicals (USD 0.99 billion).
