This blog provides an overview of the main import goods in India. It includes some information on trade partners, and import/export main actors. It is a short description about the importance of global trade statistics and the different strategies businesses might pursue with the help of the data for their better decision-making.Total Imports of India in 2023-24It is estimated that in the year 2023-24, India’s total imports would be about $700 billion. The country imports various products-from crude oil to electronics-to meet domestic and industrial demand. India has been growing with increasing population, rapid urbanization, and increasing manufacturing sector.
Top 10 Import Products of India
Here are India’s top 10 import products for 2023-24:
- Crude Oil
- HSN Code: 2709
- India is heavily dependent on crude oil imports to meet its energy needs.
- Gold
- HSN Code: 7108
- Gold is a key import due to its cultural significance and demand in the jewelry industry.
- Electronic Goods
- HSN Code: 8542
- Includes semiconductors, smartphones, and other electronic components.
- Machinery and Mechanical Appliances
- HSN Code: 8471
- Used in industries like manufacturing, construction, and agriculture.
- Pearls, Precious and Semi-Precious Stones
- HSN Code: 7103
- Imported for the jewelry and gemstone industry.
- Coal
- HSN Code: 2701
- Used for power generation and industrial purposes.
- Plastic and Plastic Products
- HSN Code: 3901
- Essential for packaging and manufacturing industries.
- Organic Chemicals
- HSN Code: 2902
- Used in pharmaceuticals, agriculture, and chemical industries.
- Iron and Steel
- HSN Code: 7207
- Crucial for infrastructure and construction projects.
- Medical and Surgical Equipment
- HSN Code: 9018
- Imported to meet the growing healthcare demands.
Top 5 Countries India Imports From
India’s top import partners include:
- China (Electronics, machinery, and organic chemicals)
- USA (Machinery, medical equipment, and aircraft)
- UAE (Crude oil, gold, and pearls)
- Saudi Arabia (Crude oil and petroleum products)
- Switzerland (Gold, pharmaceuticals, and precision instruments) and more countries.
Top 5 Buyers and Suppliers in India
- Top Buyers: Reliance Industries, Tata Motors, Indian Oil Corporation, Adani Group, and Bharat Electronics.
- Top Suppliers: Saudi Aramco, China National Petroleum Corporation, Glencore, BP, and ExxonMobil.
Top Export/Import Companies in India
- Reliance Industries: Major importer of crude oil and exporter of refined petroleum.
- Tata Motors: Imports automotive components and exports vehicles.
- Indian Oil Corporation: Key player in crude oil imports and petroleum exports.
- Adani Group: Imports coal and exports agricultural products.
- Infosys: Imports IT hardware and exports software services.
Global Trade Issues
India faces several challenges in global trade, including:
- Geopolitical Tensions: Conflicts and sanctions disrupt supply chains.
- Tariffs and Trade Barriers: High import duties and non-tariff barriers affect trade.
- Currency Fluctuations: Volatile exchange rates impact import costs.
- Supply Chain Disruptions: COVID-19 and the Russia-Ukraine war have caused delays.
HSN Code and Its Importance
The Harmonized System of Nomenclature (HSN) code is a globally recognized system for classifying goods. It simplifies trade by standardizing product categories. For example:
- Crude Oil: 2709
- Gold: 7108
- Electronics: 8542
Using HSN codes ensures smooth customs clearance and accurate import export trade data reporting.
Conclusion
India’s import market is a vital part of its economy, driven by energy, electronics, and industrial goods. By leveraging global trade data and insights from global import export data providers, businesses can navigate the complexities of international trade. Despite challenges like geopolitical tensions and supply chain disruptions, India continues to strengthen its position in the global market.
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