Brazil is one of the most important trading partners of India in the entire LAC (Latin America and Caribbean) region. India-Brazil bilateral trade has increased substantially in the last two decades. However, the global drop in commodity prices and the economic recession in Brazil in 2015 affected Brazil’s overall trade. Evidently, some negative impact was felt in the India- Brazil bilateral trade as well. Indian exports to Brazil stood at US$ 4.29 billion in 2015 while Indian imports from Brazil stood at US$ 3.62 billion. Thus the overall bilateral trade was at US$ 7.9 billion, with the balance of trade favouring India with US$ 672.13 Million compared to US$ 1.846 billion in 2014. About 39% of Indian exports were value added petroleum products such as diesel. The other prominent export items from India were organic chemicals and pharmaceutical products valued at USD 730 Million. Boilers, machinery and mechanical appliances were other major items in India’s export basket 4 constituting about US$ 226 million. The other important export items included textile products (cotton, apparels, accessories etc.) which amounted to US$ 150 million. Brazilian exports to India were also weighed in favour of Petroleum products, mainly crude oil. India also imported soya oil worth US$ 420 million, sugar worth US$ 363 million, copper ore worth US$ 250 million and gold worth US$ 261 million.
Total trade between India and Brazil was USD 4.49 billion during January-October 2016, which was -32.32% less than the total trade (USD 6.635 billions) recorded in the same period last year. In the ranking for the largest trading partners of Brazil, India stood at 13th position. The value of India’s exports to Brazil in Jan-October 2016 was USD 2.047 billion compared to USD 3.732 billion in the corresponding period in 2015, marking a decline of -45.14%. The value of Brazil’s exports to India in Jan-October 2016 was USD 2.443 billion compared to USD 2.903 billion in the same period in 2015, marking a decline of -15.85%. India had a trade deficit of USD 396 million with Brazil in January-October 2016.
India – Brazil bilateral trade 2008-2016 (October) (In US$ Billion):
|Year||Export to India||Import from India||Total||Balance of Trade||Growth %|