Pharma, Chemicals Drive India’s $5.9 Billion Exports To Canada In 2024

India and Canada’s bilateral trade in goods reached $9.8 billion in 2024, with India exporting $5.9 billion worth of goods to Canada and importing $3.9 billion, according to the latest data published by the Indian government. The figures reflect a near-balanced trade relationship, with India maintaining a slight export surplus.

In the first quarter of 2025 (January–March), total trade stood at $2.26 billion, comprising $1.7 billion in exports and US$560 million in imports, according to the data.

India is Canada’s 10th largest trading partner. In addition to goods, bilateral services trade stood at $13.7 billion in 2024, with India exporting services worth $2.58 billion and importing services worth $11.2 billion.

Over 600 Canadian companies currently operate in India, while more than 1,000 are exploring business opportunities in the Indian market. Indian companies are also active in Canada across sectors including IT, banking, pulp and fibre, natural resources, health sciences, and financial services.

India’s pharmaceutical exports to Canada rose 20.4% in 2024 to $511.79 million, up from $425.33 million in 2023, according to the data compiled by NDTV Profit via investors presententations by each companies. Leading Indian drugmakers—including Dr. Reddy’s Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Cipla Ltd., Lupin Ltd. and Zydus Lifesciences Ltd. — have strengthened their presence through Canadian subsidiaries and acquisitions. Other key exporters include Aurobindo Pharma, Torrent Pharmaceuticals, and Glenmark Pharma.

India exported $225.91 million worth of organic chemicals to Canada in 2024. The category includes heterocyclic compounds, ketones, and antibiotics. Major contributors include Deepak Nitrite, PI Industries, Balaji Amines, and Atul. Mobile phones and jewellery were also among other high-value exports.

Canada continues to supply India with essential raw materials such as coal, lentils, and chemicals. Potash remains a key import, with Canada typically supplying 1–1.2 million metric tons annually, an analyst told NDTV Profit on the condition of anonymity.

However, imports fell 12.91% between April and December 2024, as Indian buyers shifted some sourcing to countries such as Russia. Indian firms including Coromandel International, Chambal Fertilizers, and Indian Potash Limited continue to hold long-term agreements with Canadian exporter Canpotex to secure supply.