According to the Ministry of Commerce and Industry, the fifteen largest trading partners of India represent 61.67% of total trade by India in the financial year 2022–23.[1] These figures include trade in goods and commodities, but do not include services or foreign direct investment.
The two largest goods traded by India are mineral fuels (refined / unrefined) and gold (finished gold ware / gold metal). In the year 2013–14, mineral fuels (HS code 27) were the largest traded item with 181.383 billion US$ worth imports and 64.685 billion US$ worth re-exports after refining. In the year 2024–2025, gold and its finished items (HS code 71) were the second-largest traded items with 558.465 billion US$ worth imports and 41.692 billion US$ worth re-exports after value addition. These two goods are constituting 53% total imports, 34% total exports and nearly 100% of total trade deficit (136 billion US$) of India in the financial year 2013–14.[2] The services trade (exports and imports) are not part of commodities trade. The trade surplus in services trade is US$70 billion in the year 2017–18.[3]
Counting the European Union (EU) as one, the World Trade Organisation ranks India fifth for commercial services exports and sixth for commercial services imports.[4]
The two primary destinations of India's exports are the EU and the United States, whereas the China and the EU are the two primary countries from which India's imports come from.[1] These figures include trade in goods and commodities, but do not include services or foreign direct investment.