Data for FY 2025-26 includes estimates based on the April-March figures released in early May 2026.
Bilateral Trade Statistics (FY 2024-25 & FY 2025-26)
All figures in USD Billion
| Country | Period | Exports from India | Imports to India | Total Bilateral Trade | Trade Balance (Deficit/Surplus) | Services Trade (Est.) |
| UAE | 2025-26 | $37.36 | $63.89 | $101.25 | -$26.53 | ~$15.0+ |
| 2024-25 | $36.63 | $63.40 | $100.03 | -$26.77 | ~$12.5 | |
| Netherlands | 2024-25 | $22.76 | $4.99 | $27.75 | +$17.77 | ~$6.2 |
| Italy | 2024-25 | $8.61 | $5.23 | $13.84 | +$3.38 | ~$2.8 |
| Denmark | 2025 (Cal) | $0.85* | $1.20* | $2.05 | -$0.35 | $4.25 |
| Norway | 2024 (Cal) | $0.55 | $1.10 | $1.65 | -$0.55 | ~$1.2 |
| Sweden | 2024-25 | $1.15 | $2.40 | $3.55 | -$1.25 | ~$1.8 |
| Finland | 2024-25 | $0.50 | $0.95 | $1.45 | -$0.45 | ~$1.1 |
| Iceland | 2024-25 | $0.02 | $0.04 | $0.06 | -$0.02 | Negligible |
Key Insights & Sectoral Trends
1. UAE: The $100 Billion Landmark
With the Comprehensive Economic Partnership Agreement (CEPA) in full swing, trade has crossed the $100 billion threshold. While India maintains a merchandise trade deficit due to crude oil and petroleum imports, the gap is narrowing as exports of gems, jewelry, and engineering goods rose by 2% this year.
2. The Netherlands: Europe’s Gateway
The Netherlands remains one of the few European partners where India enjoys a massive trade surplus (over $17 billion). This is largely driven by refined petroleum exports, which are then distributed across the EU.
3. Nordic Countries (Norway, Sweden, Denmark, Finland, Iceland)
- Services Dominance: In countries like Denmark, the “Services Trade” ($4.25B) now significantly outweighs the “Goods Trade” ($2.05B), primarily due to maritime shipping and IT services.
- Norway & EFTA: With the recently signed TEPA (Trade and Economic Partnership Agreement) with EFTA (which includes Norway and Iceland), trade volumes in high-tech machinery and green energy components are projected to rise by 15% in the 2026-27 cycle.
4. Italy: Defense and Manufacturing
Trade with Italy has grown by approximately 8% year-on-year. Imports are heavily skewed toward high-end industrial machinery and defense components, while India exports textiles, chemicals, and steel.