The European Union (E.U.) continues to be the country’s largest trading partner in terms of overall trade, according to latest figures from the Directorate General of Commercial Intelligence and Statistics. The data showed that exports to the E.U. in the April-November 2018 period amounted to Rs.2,59,771.63 crore and imports reached Rs.2,61,970.76 crore. In comparison, exports to North America were higher at Rs.2,71,709.25 crore, but imports were much lower at Rs.2,04,907.68 crore. China topped in exports to India at Rs.3,37,091.73 crore, but its imports from India were far lower at Rs.77,482.5 crore.
The E.U. has traditionally been India’s largest trading partner. In 2017, it accounted for €85 billion worth of trade in goods or 13.1 per cent of India’s total trade. However, India was only the ninth largest trading partner of the E.U., accounting for 2.3 per cent of that grouping’s total trade in goods. Trade in goods between the E.U. and India almost doubled in the last decade.
Trade in services between the E.U. and India increased from €23 billion in 2010 to €29 billion in 2016. India is now the fourth largest service exporter to the E.U. and the sixth largest destination for EU services exports.
The E.U.’s share in foreign investment inflows to India more than doubled from 8 per cent to 18 per cent in the last decade. E.U. foreign direct investment stocks in India amounted to €73 billion in 2016, much lower than its foreign investment stocks in China (€178 billion).
Some 6,000 E.U. companies are present in India, providing 1.7 million jobs directly and 5 million jobs indirectly in a broad range of sectors.
Indian companies have invested over €50 billion in Europe since 2000.