Exports increased from US$251.1 billion in 2010-11 to US$314.4 billion in 2013-14, although in 2012-13 they decreased slightly over 2011-12. Over the review period, the share of vegetable products, mineral products, chemicals, and textiles and textile articles increased, while the share of precious stones and metals, and pearls decreased. Petroleum and mineral products and precious stones and metals are the main components of Indian exports, followed by textiles and textile articles (Table A1.1 and Chart 1.1).
In 2013-14, imports totalled US$450.2 billion, up from US$369.8 billion in 2010-11. In 2013-14, petroleum and mineral products represented around 42% of India's total imports, followed by machinery and electrical equipment, precious stones and metals, and chemicals (Table A1.2).
In 2013-14, India's main export markets were the EU28, followed by the United States and the United Arab Emirates (Table A1.3 and Chart 1.2). India's main sources of imports were China, the EU28, the Kingdom of Saudi Arabia, and the United Arab Emirates (Table A1.4). During the period under review, the share of the United States and Africa as India's export destinations increased while that of EU28 and the United Arab Emirates decreased. As regards the origin of India's imports, although China and the EU28 are still major exporters to India, the share of the Kingdom of Saudi Arabia has been increasing.
Trade in services
India is a net exporter of services. The services trade surplus as a percentage of GDP increased from 2.6% in 2010-11 to 3.9% in 2013-14, mainly owing to growth in exports (receipt) of computer, information, and telecommunications, and other businesses services. On the other hand, imports (payment) of charges for use of imports of intellectual property increased substantially up until 2012-13; it decreased by 12% in 2013-14.
Chart 1.1 Product composition of merchandise trade by HS section, 2010/11 and 2013/14