Foreign trade in India includes all imports and exports to and from India. At the level of Central Government

Government of India

The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...

 it is administered by the Ministry of Commerce and Industry

Ministry of Commerce and Industry (India)

The Ministry of Commerce and Industry administers two departments, the Department of Commerce and the Department of Industrial Policy & Promotion. The head of the Ministry is a Minister of Cabinet rank...

Around 100CE

The Periplus of the Erythraean Sea

Periplus of the Erythraean Sea

The Periplus of the Erythraean Sea or Periplus of the Red Sea is a Greco-Roman periplus, written in Greek, describing navigation and trading opportunities from Roman Egyptian ports like Berenice along the coast of the Red Sea, and others along Northeast Africa and India...

 is a document written by an anonymous sailor from Alexandria

Alexandria

Alexandria is the second-largest city of Egypt, with a population of 4.1 million, extending about along the coast of the Mediterranean Sea in the north central part of the country; it is also the largest city lying directly on the Mediterranean coast. It is Egypt's largest seaport, serving...

 about 100CE describing trade between countries, including India. Among other things it says that at the time India exported cotton

Cotton

Cotton is a soft, fluffy staple fiber that grows in a boll, or protective capsule, around the seeds of cotton plants of the genus Gossypium. The fiber is almost pure cellulose. The botanical purpose of cotton fiber is to aid in seed dispersal....

, ivory

Ivory

Ivory is a term for dentine, which constitutes the bulk of the teeth and tusks of animals, when used as a material for art or manufacturing. Ivory has been important since ancient times for making a range of items, from ivory carvings to false teeth, fans, dominoes, joint tubes, piano keys and...

, mallow cloth

Jute

Jute is a long, soft, shiny vegetable fibre that can be spun into coarse, strong threads. It is produced from plants in the genus Corchorus, which has been classified in the family Tiliaceae, or more recently in Malvaceae....

, muslin

Muslin

Muslin |sewing patterns]], such as for clothing, curtains, or upholstery. Because air moves easily through muslin, muslin clothing is suitable for hot, dry climates.- Etymology and history :...

, precious and semi-precious gems (agate

Agate

Agate is a microcrystalline variety of silica, chiefly chalcedony, characterised by its fineness of grain and brightness of color. Although agates may be found in various kinds of rock, they are classically associated with volcanic rocks and can be common in certain metamorphic rocks.-Etymology...

, carnelian

Carnelian

Carnelian is a brownish-red mineral which is commonly used as a semi-precious gemstone. Similar to carnelian is sard, which is generally harder and darker...

, diamond

Diamond

In mineralogy, diamond is an allotrope of carbon, where the carbon atoms are arranged in a variation of the face-centered cubic crystal structure called a diamond lattice. Diamond is less stable than graphite, but the conversion rate from diamond to graphite is negligible at ambient conditions...

, oryx

Oryx

Oryx is one of four large antelope species of the genus Oryx. Three of the species are native to arid parts of Africa, with a fourth native to the Arabian Peninsula. Their pelage is pale with contrasing dark markings in the face and on the legs, and their long horns are almost straight...

, pearls, sapphires, sardonyx), silk

Silk

Silk is a natural protein fiber, some forms of which can be woven into textiles. The best-known type of silk is obtained from the cocoons of the larvae of the mulberry silkworm Bombyx mori reared in captivity...

, spices, and curatives like black pepper

Black pepper

Black pepper is a flowering vine in the family Piperaceae, cultivated for its fruit, which is usually dried and used as a spice and seasoning. The fruit, known as a peppercorn when dried, is approximately in diameter, dark red when fully mature, and, like all drupes, contains a single seed...

, nard

Nard

Nard may refer to:* Nard , the Persian board game similar to backgammon* Nard or spikenard, a flowering plant of the Valerian family* The Nard, a nickname for the city of Oxnard, California in the United States...

, spikenard

Spikenard

Spikenard is a flowering plant of the Valerian family that grows in the Himalayas of China, also found growing in the northern region of India and Nepal. The plant grows to about 1 m in height and has pink, bell-shaped flowers...

, bdellium

Bdellium

Bdellium is an aromatic gum like myrrh that is exuded from a tree. A medieval Arab writer first made the identification with gum guggul, the species Commiphora wightii, although "bdellium" has also been used to identify the African species C. africana and at least one other Indian species, C....

, long pepper

Long pepper

Long pepper , , sometimes called Indian long pepper, is a flowering vine in the family Piperaceae, cultivated for its fruit, which is usually dried and used as a spice and seasoning. Long pepper has a similar, but hotter, taste to its close relative Piper nigrum - from which black, green and white...

, and malabathrum

Malabathrum

Malabathrum, also known as Malobathrum or Malabar leaf, is the name used in classical and medieval texts for the leaf of the plant Cinnamomum tamala . In ancient Greece and Rome, the leaves were used to prepare a fragrant oil, called Oleum Malabathri, and were therefore valuable...

. The same document says that India was an importer of wines from Italy, Arabia, and Laodicea

Laodicea

- Turkey :*Laodicea on the Lycus, in Phrygia*Laodicea Pontica, in the Pontus*Laodicea Combusta, in Pisidia- Other countries :* Laodicea , in Greece* Laodicea , in Iraq* Laodicea in Media, former name of Nahavand, Iran...

, copper

Copper

Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...

, tin

Tin

Tin is a chemical element with the symbol Sn and atomic number 50. It is a main group metal in group 14 of the periodic table. Tin shows chemical similarity to both neighboring group 14 elements, germanium and lead and has two possible oxidation states, +2 and the slightly more stable +4...

, lead

Lead

Lead is a main-group element in the carbon group with the symbol Pb and atomic number 82. Lead is a soft, malleable poor metal. It is also counted as one of the heavy metals. Metallic lead has a bluish-white color after being freshly cut, but it soon tarnishes to a dull grayish color when exposed...

, coral

Coral

Corals are marine animals in class Anthozoa of phylum Cnidaria typically living in compact colonies of many identical individual "polyps". The group includes the important reef builders that inhabit tropical oceans and secrete calcium carbonate to form a hard skeleton.A coral "head" is a colony of...

, topaz

Topaz

Topaz is a silicate mineral of aluminium and fluorine with the chemical formula Al2SiO42. Topaz crystallizes in the orthorhombic system and its crystals are mostly prismatic terminated by pyramidal and other faces.-Color and varieties:...

, storax

Storax

Storax is also a name for trees in the genus StyraxStorax is the resinous exudate of the tree Liquidambar orientalis , occasionally used in incense or as an aromatic fixative in perfumery....

, sweet clover, flint

Flint

Flint is a hard, sedimentary cryptocrystalline form of the mineral quartz, categorized as a variety of chert. It occurs chiefly as nodules and masses in sedimentary rocks, such as chalks and limestones. Inside the nodule, flint is usually dark grey, black, green, white, or brown in colour, and...

, glass

Glass

Glass is an amorphous solid material. Glasses are typically brittle and optically transparent.The most familiar type of glass, used for centuries in windows and drinking vessels, is soda-lime glass, composed of about 75% silica plus Na2O, CaO, and several minor additives...

, realgar

Realgar

Realgar, α-As4S4, is an arsenic sulfide mineral, also known as "ruby sulphur" or "ruby of arsenic". It is a soft, sectile mineral occurring in monoclinic crystals, or in granular, compact, or powdery form, often in association with the related mineral, orpiment . It is orange-red in colour, melts...

, antimony

Antimony

Antimony is a toxic chemical element with the symbol Sb and an atomic number of 51. A lustrous grey metalloid, it is found in nature mainly as the sulfide mineral stibnite...

, gold and silver coins, and performers for kings.

Around 1500

In 1498 Portuguese explorer

Portugal in the Age of Discovery

During the history of Portugal between 1415 and 1578, Portugal discovered an eastern route to India that rounded the Cape of Good Hope, discovered Brazil, established trading routes throughout most of southern Asia, colonized selected areas of Africa, and sent the first direct European maritime...

 Vasco da Gama

Vasco da Gama

Vasco da Gama, 1st Count of Vidigueira was a Portuguese explorer, one of the most successful in the Age of Discovery and the commander of the first ships to sail directly from Europe to India...

 landed in Calicut (modern day Kozhikode

Kozhikode

Kozhikode During Classical antiquity and the Middle Ages, Kozhikkode was dubbed the "City of Spices" for its role as the major trading point of eastern spices. Kozhikode was once the capital of an independent kingdom of the same name and later of the erstwhile Malabar District...

 in Kerala

Kerala

or Keralam is an Indian state located on the Malabar coast of south-west India. It was created on 1 November 1956 by the States Reorganisation Act by combining various Malayalam speaking regions....

 as the first European to ever sail to India. The tremendous profit made during this trip made the Portuguese eager for more trade with India and attracted other European navigators and tradesmen.

Pedro Álvares Cabral

Pedro Álvares Cabral

Pedro Álvares Cabral was a Portuguese noble, military commander, navigator and explorer regarded as the discoverer of Brazil. Cabral conducted the first substantial exploration of the northeast coast of South America and claimed it for Portugal. While details of Cabral's early life are sketchy, it...

 left for India in 1500 and established Portuguese trading posts at Calicut and Cochin (modern day Kochi

Kochi

-Places:* Kochi, a city in the state of Kerala, India, formerly known as Cochin* Kingdom of Cochin, a former feudal city-state on Malabar Coast, India** Fort Kochi, one of the three main urban components which constitute the present day city of Kochi, Kerala, India...

), returning to Portugal in 1501 with pepper, ginger, cinnamon, cardamom, nutmeg, mace, and cloves. The profits made from this trip where huge.

1991 economic reform

Prior to the 1991 economic liberalisation,India was a closed economy due to the average tariffs exceeding 200 percent and the extensive quantitative restrictions on imports. Foreign investment was strictly restricted to only allow Indian ownership of businesses. Since the liberalisation, India's economy has improved mainly due to increased foreign trade.