How much does India’s economy rely on external trade?
Trade openness
The trade-to-GDP ratio is frequently used to measure the importance of international transactions relative to domestic transactions. This indicator is calculated for each country as the simple average (i.e., the mean) of total trade (i.e., the sum of exports and imports of goods and services) relative to GDP. This ratio is often called the trade openness ratio.
Trade openness level of India
India shares the same characteristic with fellow populous countries in relying less on trade. This could help protect the economy amid the slump in global trade. India’s key trading partners include the US, China, and the UAE.
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