African Union is India’s fourth largest trading partner

Johannesburg : The African Union is India’s fourth largest trading partner after the United States, China and the United Arab Emirates, propped up by diversification in Indian exports to the continent, a senior State Bank of India official has said at a seminar here.
With a share of 8.52 per cent in global trade, India’s total trade with Africa in 2019-20 was valued at USD 68.33 billion.
India has a negative trade balance with Africa, implying a dominance of imports over exports. In 2019-20, India’s trade deficit with Africa was valued at USD 9.1 billion, which accounted for nearly 6 per cent of India’s total trade deficit in the case of trade in goods, Syam Prasad, CEO of State Bank of India in South Africa said on Wednesday.
In terms of bilateral trade, the African Union is one of India’s largest trading partners after the US, China, and the UAE, he explained.
Also Read Indian national arrested in US over scam targeting senior citizens India’s trade with Africa has been diversified from exporting mainly textile yarns to petroleum products, pharmaceutical products, chemicals and manufactured products, he asserted.
At the same time, India’s import basket, though dominated by primary products and natural resources, is still diverse given the wide natural resource base in Africa, he said.