India strengthens economic ties with G7: Boost in high-tech, pharma exports; Canada is only exception
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India's trade relations with the G7 countries have seen robust growth, with deepening economic engagement across key sectors, according to a new report by data science firm Rubix.
The G7, comprising the US, UK, Germany, France, Italy, Canada and Japan has emerged as a major trade bloc for India. Except for Canada, all G7 countries now rank among India's top 30 trade destinations, highlighting a strong and diversified export-import partnership.
In FY25, India's total exports to the G7 stood at $138 billion, marking a 13%compound annual growth rate (CAGR) since FY21. Imports from the group touched $110 billion, rising at a CAGR of 12% during the same period, according to the report as quoted by news agency ANI.
Overall, India's total trade (exports plus imports) with G7 nations reached $248 billion in FY25, growing at a 13 per cent CAGR over the last four years.
India also maintained a healthy trade surplus of $28 billion with the G7 in FY25, up by 16 per cent CAGR from FY21. The country enjoys a trade surplus with four members of the bloc- the US, UK, France, and Italy.
The share of India's goods exports to G7 countries increased from 29% in FY20 to 31 % in FY25.
Meanwhile, imports from the group have declined from 18 % to 15 % during the same period.
Sector-wise, telecom transmission equipment, including mobile phones, and pharmaceuticals emerged as key export items. These sectors contribute significantly to India's trade basket, accounting for 5-16% and 7-12% respectively. Notably, India's mobile phone exports soared 55% in FY25, reaching $24 billion, with smartphones leading exports to several G7 countries.
India's pharmaceutical sector also plays a crucial role, supplying over 50% of the global vaccine demand, 40% of the US's generic drug requirements, and 25% of total medicine consumption in the UK.
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