India's trade has undergone a major change in the geographical direction since the global financial crisis that erupted in 2007. The US, which has been India's top trading partner till 2007-08, has since been relegated to the third position with the UAE and China assuming first and second positions in India's trade relations.
This position continued in 2009-10 and the first half of 2010-11. Figures for comparable periods show India's trade with the UAE in both 2009-10 and 2010-11 (April-September) were higher than its imports, while its exports to China were lower than imports.
Among its top 15 trading partners, India had bilateral trade surplus with five countries, namely the UAE, the US, Singapore, the UK and Hong Kong, in 2009-10 and the first half of 2010-11.
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