India is one of the countries in southern Asia with a vast history and culture that imports and exports a lot of goods. Trade dynamics in the nation are still modifying, which affects its economy and international relations. However, in the year 2022, India received goods worth $436.3 which came out lower than in the year 2018 having a total worth of $509.3
Similar to any other southern Asia country, India’s top partner in China imports goods worth $195 billion in the year 2022. Most of India’s contributors are from southern Asian countries taking up at least 60% of the total importers of India.
Top Largest India Imports
1. Electrical machinery, equipment
Electricity is crucial in the everyday use of Indians, resulting in their country being the 3rd largest consumer of electricity in the whole world. India’s biggest partner, China was the top – source of affordable electrical equipment and is accompanied by Japan, the United States, and Europe. In the year 2022, a total worth of $69.68 Billion of electrical machinery, equipment imports
2. Mineral fuels including oil
Mineral fuels and oils are majorly involved in export and import in India. Minerals such as coal and solid fuels which are made from coal are some of the products that are imported from various countries which has a total value of $30.1 billion recorded in the year 2021.
For these goods, Iraq is the largest importer of India in the year 2021 having a total of $23.4 billion worth of mineral fuels. However, in the year 2023, Iraq was marked down to the 7th importer of India, and China was labelled as the largest importer of India having a total worth of $743.96 billion of Mineral fuels and oils.
3. Machinery including computer
In India, machinery is a critical aspect of the development and productivity of the country as it includes computers, turbo-jets, air or vacuum pumps, miscellaneous machinery, and many more. China has imported a total worth of $6.34 billion in the year 2022 followed by Hongkong having a total of $1.24 billion worth of computers in the same year.
4. Gems, precious metals:
Precious metals and gems are one of the top and oldest sectors that affect the economy of India. Multiple types of Gems and precious metals such as Gold, Diamonds, Platinum, Precious stone dust, Silver, and others differ on the country’s demand. For instance, in the year 2022 a total of $22.6 billion worth of Gold was imported to India however, it has reduced compared to the year 2021.
5. Organic chemicals:
Countries such as Saudi Arabia, China, the United States, Singapore, and South Korea are India’s main importers of organic compounds. India’s imports of organic chemicals are significantly impacted by the country’s growing need for specialized chemicals. In the year 2021, China imported a worth $11.7 billion goods, while the United States had $2 billion
As years passed India’s import of Organic a total worth of $29.81 billion was recorded in the years of 2022 according to the United Nations Comtrade.
6. Animal/vegetable fats, oils, waxes
Countries particularly Malaysia, Indonesia, Ukraine, Argentina, Nepal, and many more have all all imported animal/vegetable fats and oils worth $18.3 billion in the year 2021. These goods are vital to the reason that the Indian population was growing resulting in more demands Aside from using these oils in cooking, this is also used in some cosmetics and biofuels.
Year per year the imports of India increased and a total of $21.64 worth of Animal/vegetable fats oils were imported into India
7. Plastics, plastic articles
India has over 60 countries where they import plastics and this industry has been growing since 1957. India specifically imports a type of plastic called polyvinyl chloride wherein China is their continuous supplier. Additionally, in the year 2022, India has imported a total of $22.72 billion worth of plastics. Aside from China, India is importing plastics from other countries like Germany, Japan, France, the United Kingdom, and the United States.
8. Iron and steel
India’s demand for Iron and steel accelerates yearly as it reaches 120 million demand in the year 2024. This country mainly imports these goods from countries such as South Korea with a total worth of $2.41 billion, China being the second having a total of $1.22 billion, Next is Indonesia( $983 million ) followed by Japan ($961 Million ), Lastly is United Arab Emirates that is worth $778M in the year 2021. Likewise, in the year 2022, India imported a total of $16.74 billion worth of Iron and Steel.
9. Optical, technical, and medical apparatus
The Indian market faces both possibilities and problems as the need for medical devices keeps rising. The necessity of strong trade ties and technological developments in the scientific and medical domains is highlighted by India’s dependence on these imports.
10. Aircraft, spacecraft
US$3.58 Billion worth of Aircraft and Spacecraft was imported to India in 2022. While India has a decent tech market and tech professionals, the country lacks the tech expertise when it comes to spacecraft or aircraft building, thus the need to import. Majorly importing from the United States, India also imports from China and France.
Conclusion
India’s import surpasses its exports, which is why it has a negative trade balance. However, this is an advantage for many countries who want to explore business opportunities in the country. If you’re looking for ideas on how to import to India, Pangea has an extensive network of freight forwarders who can assist you, from loading to delivering your goods at the port of destination.
