Import partners and goods
India's imports and exports of goods to GDP stood at over 35 percent in 2023. The country's leading import partners were China, United Arab Emirates, the United States, Saudi Arabia, and Iraq. Despite China being India's largest trading partner, the recurring conflicts between the two have paved the way for deeper integration of trade and investment from the United States. Unsurprisingly, imports from the United States have been increasing over the years, amounting to over 47 billion U.S. dollars in 2022.
The country's leading import product was manufactures, which accounted for over 273 billion U.S. dollars, followed by fuel and mining products, and agricultural products. Due to the enormous demand in the energy sector, crude oil imports had been increasing over the years. India had a negative trade balance, where its imports surpassed its exports. However, all goods imported into the country are subjected to tariffs and tax rates based on the country of origin. The major import commodities are petroleum products, electronic goods, gold, and machinery goods.
Import trends
Over the years, it was evident that Indian exports were minimal compared to lucrative imports from the trading giant; however, stabilizing the economic partnership seems bleak. With the "Make in India" strategy, the government encouraged Indian companies to manufacture products. Despite the desi products being well received, the country still has a massive market for products made in the United States, Japan, and Germany.
Due to the impact of the coronavirus (COVID-19) on the Indian economy, industries and businesses were greatly affected. The rise in unemployment led to decreased incomes, and frequent domestic lockdowns drastically reduced consumer demand across the country. The major commodity affected by the pandemic were silver, fertilizers, sulfur, and iron pyrites.
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FAQs
India imports for 2022 was $903.46B, a 18.73% increase from 2021. India imports for 2021 was $760.90B, a 49.13% increase from 2020. India imports for 2020 was $510.24B, a 15.29% decline from 2019. India imports for 2019 was $602.32B, a 5.93% decline from 2018.
What is India importing from us? ›
| India Imports from United States | Value | Year |
|---|
| Electrical, electronic equipment | $2.27B | 2022 |
| Organic chemicals | $2.21B | 2022 |
| Optical, photo, technical, medical apparatus | $1.68B | 2022 |
| Plastics | $1.49B | 2022 |
93 more rowsIndia imports for 2022 was $903.46B, a 18.73% increase from 2021. India imports for 2021 was $760.90B, a 49.13% increase from 2020. India imports for 2020 was $510.24B, a 15.29% decline from 2019. India imports for 2019 was $602.32B, a 5.93% decline from 2018.
What is India's top 5 exports? ›
Most exported products from India include Petroleum products, gems and jewellery, textiles and garments, medicines, organic and inorganic chemicals, machinery and equipment, iron and steel, cars, dairy products, and tea are among India's top ten exports.
What is India's top 5 import sources? ›
Distribution of India's imports in financial year 2022, by leading country
| Characteristic | Share of imports |
|---|
| China | 15.43% |
| United Arab Emirates | 7.31% |
| United States | 7.07% |
| Saudi Arabia | 5.56% |
6 more rowsMay 2, 2024
In fact, petroleum products are India's largest export, accounting for over 14% of the country's total export value by Export import data in India. The country's location in the Middle East, along with its strategic refining capabilities, makes it a major player in the global oil trade.
What does India buy from America? ›
The top imports of India from the USA include a wide variety of goods as under: Crude oil and petroleum products. Electronic equipment and machinery. Medical instruments and equipment.
What do we trade with India? ›
U.S Trade with India in Stone, Glass, Metals, and Pearls In 2021, trade in Stone, Glass, Metals, and Pearls between the U.S. and India increased. Exports increased by 66.0% from $4.4 billion in 2020 to $7.4 billion in 2021, making India the destination of 7.8% of total U.S. exports of these commodities.
What food items does India import? ›
Vegetable oil, Pulses, fresh and dry fruits account for 72.1% of Agriculture imports of India in CY2023. “India needs to cut its reliance on imported vegetable oils to promote better health outcomes and also reduce the import bill.
How much is India's import? ›
India's total merchandise imports stood at $677.2 billion in 2023-24, of which 15% or $101.8 billion worth goods were sourced from China.
Why are imports taxed heavily? Tax on imports in India are high because of India's policy of encouraging local/homegrown industries. This is called import substitution industrialisation (ISI), a trade policy that is all about substituting imports with domestic manufacturing and production.
What means import to India? ›
Import in this article means bringing into India from a place outside of India. In India, the Foreign Trade (Development and Regulation) Act of 1992 regulates imports and exports, which empowers the federal government to make provisions for the development and regulation of foreign trade.
Who is the richest exporter in India? ›
Rajesh Jaswanth Rai Mehta (born 20 June 1964) is an Indian billionaire businessman, based in Bangalore. He is the owner and executive chairman of the jewellery company Rajesh Exports.
What is India known for? ›
India is also famous for its rich culture and history. In fact, India has the most diverse culture with many religions, foods, languages, traditions, music styles, arts, and trends. The country was ruled by the French, Portuguese, British, Dutch, and Mughal, which makes it a wonderful destination for history fans.
What does India produce the most? ›
India is the world's largest producer of milk, pulses and jute, and ranks as the second largest producer of rice, wheat, sugarcane, groundnut, vegetables, fruit and cotton.
What food does India import? ›
Vegetable oil, Pulses, fresh and dry fruits account for 72.1% of Agriculture imports of India in CY2023. “India needs to cut its reliance on imported vegetable oils to promote better health outcomes and also reduce the import bill.
Which things does India import most from China? ›
As a result, China is India's leading import partner. Consumer electronics, telecommunications equipment, hardware and components, electrical equipment, fertilisers, and chemicals were among the most popular Chinese imports.
Who is India's largest trading partner? ›
China has emerged as India's largest trading partner with $ 118.4 billion of two-way commerce in 2023-24, edging past the US. The bilateral trade between India and the US stood at $ 118.28 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23.
