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India’s exports to France grew by 20% in 2003-04, having increased to US $ 1289.80 million ($ 1.2 billion) as against $ 1074.09 million ($ 1 billion) during 2002-03. Bilateral trade between India and France stood at $ 2344.35 million ($ 2.3 billion) in 2003-04, showing a growth of 8% compared to the year 2002-03.
With exports to France at $ 1289.80 million and imports from France at $ 1054.55 million in 2003-04, India’s trade balance with France has turns surplus at $ 235.25 million. However, India’s share in France’s global imports at 0.45% is miniscule. India’s share in France’s global exports is 0.30% and India’s share in France’s global trade is only 0.38%.
India’s five major export commodities to France are: ready-made garments (RMG) cotton including accessories, cotton yarn/fabric/made-ups, petroleum products, RMG manmade fibres and transport equipments. India’s five major import commodities from France are machinery, electronic goods, transport equipments, project goods and iron and steel.
France is currently ranked 9th in the list of countries from which Foreign Direct Investment (FDI) has been approved in India since 1991. FDI approved from France (upto December 2003) is of the order of US $ 1.72 billion which represents about 3% of the FDI approved from all countries. The actual inflow of FDI from France is of the order of US $ 629 million which is also about 3% of the actual inflow of FDI from all countries. The number of technical and financial collaborations approved with France is 860. The major sectors attracting French investment and technology transfer have been fuels, chemicals, cement and gypsum products, glass, food processing, electric equipment, industrial machinery and transportation industry.
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