Indian traders are mulling halting all import-export trade with Turkey and Azerbaijan in response to their support for Pakistan during the recent India-Pakistan military confrontation following the Pahalgam terror attack. Traders’ body Confederation of All India Traders (CAIT) on Wednesday said there is no question of trading with countries that are against India and this is the time for Indian traders to demonstrate their patriotism. The decision on trade will be made at a conference on Thursday organised by CAIT.
Sharing data on India’s trade with two countries, CAIT Secretary General Praveen Khandelwal said India’s exports to Turkey April 2024 to February 2025 were valued at $5.2 billion, compared to $6.65 billion in 2023–24. This was around 1.5 per cent of India’s total export of around $437 billion. During the same period, imports from Turkey were $2.84 billion — around 0.5 per cent of $720 billion in total imports, down from $3.78 billion in 2023–24.
Likewise, India’s exports to Azerbaijan were 0.02 per cent — $86.07 million, down from $89.67 million in 2023–24. On the other hand, imports from Azerbaijan were $1.93 million during this period, compared to $0.74 million in 2023–24, as per CAIT.
“As a result of the trade boycott, Turkey could suffer billions of dollars in export losses, which would significantly affect its domestic industries such as stone and mining, furniture, textiles, and food processing. Trade with India is profitable for both these countries, and if Indian traders and industrialists collectively boycott trade with them, it will financially shake them and make them pay the price for standing against India,” said Khandelwal.
Key items exports from India to Turkey include refined petroleum, motor vehicles and parts, steel, chemicals, pharmaceuticals, precious stones, and textiles. In return, India imports crude petroleum, machinery, marble, gold, fruits, plastics, and textiles from Turkey.
Exports to Azerbaijan include tobacco, electronics, machinery, pharmaceuticals, ceramic products, grains, etc., and India are mainly mineral oils, chemicals, raw hides, aluminium, and cotton.
Importantly, India had earlier this month slapped a sweeping ban on all imports and transits of goods originating from or exported by Pakistan after the 26 civilians were killed in Pahalgam terror attack on April 22.