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India-UK Trade

  • The size of India’s economy, now the world’s fifth largest (IMF, 2019), makes it an attractive market for UK. The UK is the top trading partner for India within the EU with total trade in 2019-20 at $ 15.5billion.
  • India exports to United Kingdom was US$8.9 Billion during 2019-20 which includes renewable energy equipments, electrical machinery, automotive, etc
  • India has a rapidly developing and large fintech sector with a transaction value forecast to reach $73 billion in 2020, growing at a five-year compound annual growth rate (CAGR) of 22%, making it a perfect place for UK industries.
  • In the middle of COVID, India has attracted foreign investment of more than 20 billion dollars between April and July 2020. UK is the 4th largest inward investor in India, after Mauritius, Singapore & Japan reflecting the strong ties of both the nations.
  • Joint Economic and Trade Committee, co-chaired by commerce and industry minister Piyush Goyal and the UK secretary of state for international trade Elizabeth Truss. India and the United Kingdom are looking at an early harvest scheme or a limited trade agreement to lower tariffs on a small set of goods apart from easing rule for select services.

Table 3: India’s trade with UK and share in EU trade
Value in US$ million
 
Year 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-20
India export to UK 9319.7 8828.5 8530.1 9691.1 9309.3 8733.5
%Growth   -5.3% -3.4% 13.6% -3.9% -6.2%
India's Export Share % to UK wrt EU 18.8% 19.8% 18.0% 18.1% 16.3% 16.3%
India import from UK 5018.3 5192.5 3665.0 4806.8 7561.9 6712.6
%Growth   3.5% -29.4% 31.2% 57.3% -11.2%
India's Import Share % from UK wrt EU 10.2% 11.8% 8.6% 10.0% 12.9% 13.1%
India total trade with UK 14338.0 14021.0 12195.0 14497.8 16871.2 15446.1
%Growth   -2.2% -13.0% 18.9% 16.4% -8.4%
Source: DGCI&S


Table 4: Top 15 engineering products exported to UK and export share % in EU (Value in US$ million)
 
Top 15 Engineering Sectors Export to UK in 2019-20 Export to EU in 2019-20 Share of UK in EU imports %
Electric Machinery and Equipment 640.0 2566.8 24.9%
Iron and Steel 79.4 2113.0 3.8%
Products of Iron& Steel 296.5 1759.1 16.9%
Auto Components/Part 151.0 1105.4 13.7%
Industrial Machinery and parts 96.4 929.8 10.4%
Other Misc Items 116.4 660.4 17.6%
Ships, Boats and Floating bodies 209.4 659.1 31.8%
IC Engines and Parts 128.2 607.3 21.1%
Aircrafts & Spacecrafts 172.4 490.1 35.2%
Aluminium and products 60.3 470.6 12.8%
 Medical and Scientific Instruments 81.3 402.7 20.2%
Machinery for ATMs 85.9 398.2 21.6%
Motor Vehicle/cars 95.7 380.8 25.1%
Hand Tools & Cutting Tools 26.0 232.3 11.2%
Other Construction Machinery 111.1 215.3 51.6%
Total of top 15 products 2350.0 12991.0 18.1%
Total engineering export 2598.2 14352.9 18.1%
Share % 90.4% 90.5%  
         
Source: DGCI&S
 
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