10-Feb-2023
India is one of the fastest growing economies in the world and has made tremendous progress in the field of international trade in recent years. The country's import and export industry has been growing at a steady pace and has made significant contributions to the overall growth of the economy. In this blog, we will explore the recent trend in India's import and export, including import-export data, recent statistics, the importance of India's imports and exports, and the top export and import commodities of the country.
According to the latest Import Export Data from the Ministry of Commerce and Industry, India's total exports for the financial year 2021-22 stood at $330.74 billion, while imports were worth $541.86 billion. The trade deficit for the year was $211.12 billion. The country has been consistently improving its trade balance over the years, and the gap has been narrowing down.
In terms of exports, the top sectors contributing to the country's export basket are engineering goods, chemicals, and petroleum products. Engineering goods accounted for the largest share of India's exports, followed by chemicals and petroleum products. On the other hand, the top import sectors are petroleum and petroleum products, gold, and electronic goods.
International trade plays a crucial role in the growth and development of any country, and India is no exception. The country's import and export sector is crucial for its economy as it helps to increase the country's competitiveness in the global market and fosters economic growth.
Also, the key benefits of import and export is the creation of employment opportunities. The growth of the import and export sector leads to the creation of jobs in the shipping, logistics, and trading industries, thereby boosting the country's employment rate.
Another significant advantage of import and export is the promotion of innovation and technology transfer. When countries trade with each other, they exchange knowledge and technology, which can lead to the development of new and improved products. This, in turn, leads to economic growth and the promotion of innovation. Also there is a vital need of Import Export Data for analyzing the current market statistics globally.
According to Exim Data Bank, India is known for its rich diversity of products and is considered to be one of the largest exporters of a variety of goods in the world. The country's top export commodities include:
Petroleum products: India is one of the largest exporters of petroleum products, including refined petroleum oils and petroleum gases.
Pharmaceuticals: India is known for its highly developed pharmaceutical industry and is a major exporter of generic drugs to the world.
Gems and jewellery: India is a hub for the cutting, polishing, and trading of diamonds, precious stones, and gold jewellery.
Engineering goods: India is a leading exporter of engineering goods, including automobiles, machinery, and equipment.
Agricultural products: India is one of the largest producers of agricultural products in the world, and exports a wide range of items, including rice, wheat, spices, tea, and coffee.
India's imports are mainly driven by the country's growing economy and the increasing demand for consumer goods, industrial raw materials, and capital goods. According to Exim Data Bank, the country's top import commodities include:
Petroleum and Petroleum Products - India is one of the largest importers of petroleum and petroleum products in the world. The country has a large and growing demand for these products, and its imports have been increasing steadily over the years.
Crude Oil: India is the third largest importer of crude oil in the world and the majority of the country's oil needs are met through imports.
Gold: India is one of the largest consumers of gold in the world, and the majority of the gold is imported.
Electronic goods: India imports a large number of electronic goods such as mobile phones, laptops, and televisions.
Capital goods: India imports capital goods such as machinery, equipment, and transportation vehicles for industrial development and modernizing its infrastructure.
Export Import Data provides a 100% authentic, reliable and updated and recent trade report of export import data. Additionally, information about the export and import reports for various commodities is acquired from Indian ports, customs, and other reputable authorities in India. An analysis of export price, quantity, market trends, and other factors is aided by the Indian Import Data report.
Our team of highly qualified and trustworthy data specialists has years of experience handling data. Providing the most accurate, organised trade statistics for maritime items is our area of expertise. If you're seeking for trustworthy Export Data India, one of the best selections is import export Data. Connect with us to access our best data-driven platform and receive structured, authorised, and well-organized data.
Export Import Data solutions is one of the best online import export websites in India that provides trade data services and trading business information. Currently, Export import data is the best import export data provider and market research companies in India.
