Import and Export Data of Top Trading Countries
Import and Export Data are the two components of international trade. Countries import goods or services when they procure them from other countries and export is the sale of goods or services to other countries.
Countries import goods when resources are scarce or there are cheaper or better alternatives available overseas. Exports Data can help earn revenue for countries and improve the profit margins of companies. You can learn a lot about a countries consumption patterns by studying the Export and Import Data of the country.
Countries use Export and Import Data to identify their leading trading partners. The governments use the data to predict taxes that can be generated from imports or exports. They use the data to gauge the effectiveness of the economic and industrial policy. Countries use Import and Export Data during international trade negotiations. Statistical bodies use the data to analyze growth potential and risks of investing in a country.
Buyers and sellers use Export and Import Data for an in-depth insight into the trading activities of importers and exporters and shortlist traders based on the analysis. They use data to examine the trading activities of their competitors.
Traders utilize the Import and Export Data to find new sale prospects, opportunities to diversify, and growth opportunities. They use the comprehensive data bank to predict changing market trends. Importers and exporters formulate their price and volume strategy based on the information. They can calculate their present market share and look for ways to improve profitability.
Import Export Information India shows that in 2020–21 India imported commodities worth 389.18 billion USD and exported goods worth 290.63 billion. The trade deficit for the year was 98.56 billion USD. Imports and exports fell due to the pandemic. The imports showed a decline of 18.02% and exports showed a decline of 7.26% from trade in 2019–20. The trade deficit in the previous financial year was 152.88 billion USD.
As per Import Export Information India top trade partners are:-
- China
- The US
- The UAE
- Saudi Arabia
- Iraq
China overtook the US to become India’s largest trade partner with Trade Data between the countries 77.7billion USD. The trade between the US and India was 75.9 billion USD.
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