Trade with Turkiye was down to 63% from FY22-23 levels well before Operation Sindoor

Amid calls for boycotting Turkish goods, data reveals trade with Turkiye has declined to 63% from FY22-23 levels.Amidst boycott calls across social media for trade and tourism with Turkiye and Azerbaijan, trade data from the DGCIS (Directorate General of Commercial Intelligence and Statistics) has revealed that India’s bilateral trade with both these countries has significantly declined in the past two financial years.
Trade with Turkey
YearExportsGrowthImportsGrowthTrade Balance2022-23$9.6 billion10.25%$4.2 billion110.78%$5.4 billion2023-24$6.6 billion-30.75%$3.8 billion-10.18%$2.9 billion2024-25$5.7 billion-14.1%$3 billion-20.78%$2.7 billion
India’s exports to Turkiye from April to February in FY24-25 were recorded at $5.2 billion, which accounted for only about 1.5% of India’s total exports of $437 billion. India’s imports from Turkiye during the same period stood at $2.84 billion, which accounted for only 0.5% of India’s total imports of $720 billion during the period.Similarly, India’s exports worth $86.07 million during April to February in FY 2024-25 to Azerbaijan accounted for a mere 0.02% of India’s total merchandise exports. Imports worth $1.93 million from Azerbaijan during the same period accounted for an even lesser share of 0.0002 % of India’s merchandise imports during the period.India’s overall merchandise trade with Turkiye has contracted to nearly 63% in FY24-25 from FY22-23 levels, from a positive trade balance of $5,400.85 million in FY22-23 to $2,721.9 million in FY24-25.India’s overall merchandise trade with Azerbaijan contracted to 16% in FY24-25 from FY22-23 levels. India’s merchandise trade with Azerbaijan witnessed a deficit worth $396.62 million in FY22-23, which turned into a positive trade balance of $91.75 million in FY24-25.
Trade with Azerbaijan
YearExportsGrowthImportsGrowthTrade Balance2022-23$100.96 million177.22%$497.58 million374.73%-$396.62 million2023-24$89.67 million-11.18%$740,000-99.85%$88.93 million2024-25$93.97 million4.79%$2.22 million202.02%$91.75 million
Statistically, India’s merchandise trade surplus has reduced with Turkiye while its trade balance has turned positive with Azerbaijan in the last two financial years.Recently, both countries criticised India’s action against terror camps in Pakistan and Pakistan-occupied-Kashmir (PoK), while Turkish drones were used by Pakistan to breach Indian airspace.While India’s imports from Turkiye and Azerbaijan are already a minuscule part of its overall trade basket, there have been reports of Indian traders resorting to the boycott of apples and marble from Turkiye.An India-Turkiye Joint Commission on Economic and Technical Cooperation already exists between the countries.India primarily exports mineral fuels and oil (worth $960 million in FY23-24), auto parts, electrical machinery, organic chemicals, pharmaceuticals, plastic, iron and steel rubber, cotton, man-made fibres and filaments to Turkiye, and imports mineral oil (worth $1.81 billion in FY23-24), gold, marble blocks and slabs, apples, vegetables, lime and cement, chemicals, and pearls from Turkiye.India was the third largest destination for crude oil from Azerbaijan in 2023, from which India also imports animal fodder, organic chemicals, raw hides, skins and leather, essential oils and perfumes. India’s exports to Azerbaijan include tea, coffee, products, cereals, chemicals, plastic, rubber, paper and ceramics.The Confederation of All India Traders (CAIT), representing Indian traders nationwide, has also urged citizens to boycott travel to Turkey and Azerbaijan due to their support for Pakistan amid current hostilities.‘Boycott Turkey’ has also been one of the persistent trends online as anger grows in India over Ankara’s stance on Pakistan.

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