Summary:
India's merchandise imports exceeded $700 billion in FY23, with an expected 16% growth to USD 710 billion.
India top imports include crude oil, coal, diamonds, chemicals, pharmaceuticals, rubber, plastics, electronics, and machinery, which account for 82% of all goods imports.
China is still India's major import partner, followed by the US, UAE, Saudi Arabia, Iraq, and others.
Imports from major partners fell in Q1 2023, owing to a global economic slowdown and trade tensions.
The top import of India include petroleum oils, gold, electrical machinery, nuclear reactors, mineral ores, organic chemicals, plastics, machine parts, iron and steel, and medicinal, surgical, and pharmaceutical supplies.
India's Q1 2023 imports were USD 179.43 billion, with mineral fuels and oils being major categories.
The "Make in India" initiative attempts to increase manufacturing and reduce reliance on imports, mainly from China.
Eximpedia.app offers critical services for firms wishing to import from India, including market research, compliance support, identifying HS codes, and access to trustworthy export-import data.
With a diversified economy that participates in international trade, India is a prominent player in the global trade arena. India's imported products are as broad as its dynamic culture, covering everything from mobile devices and machinery to diamonds and oil. But what are the top 10 products that cross borders, impacting the country's economy and daily life? In this blog, we explore India's top 10 imports, highlighting the products that promote the country's economic expansion. Here at Eximpedia.app, we will offer updated insights, whether you're a business owner wishing to import products from India or just interested in the dynamics of international trade.
India's merchandise imports crossed $700 billion in FY23.
According to the GTRI report, India's top 10 imports are expected to rise by approximately 16% to USD 710 billion this fiscal year due to an increase in inbound shipments of crude oil, coal, diamonds, chemicals, and electronics. According to the Global Trade Research Initiative (GTRI), sluggish global demand and recession in large economies will have a moderate impact on the Indian economy.
As per Import Products from India data, petroleum, crude oil, coal, coke, diamonds, precious metals, chemicals, pharma, rubber, plastics, electronics, and machinery make up 82% of total merchandise imports into India.
Based on India imports data, "India's merchandise imports for the fiscal year ending March 2023 are expected to reach USD 710 billion, up from USD 613 billion in FY '2022, representing a 15.8 percent increase over last year," said Ajay Srivastava, co-founder and CEO.
"Over the last fiscal year, crude imports increased by 53%." As per India’s Top 10 Imports data, India purchases crude from a variety of countries. Iraq (USD 36 billion), Saudi Arabia (USD 31 billion), Russia (USD 21 billion), the UAE (USD 7 billion), and the United States (USD 11.9 billion) are the biggest suppliers. "Russian imports increased by 850 percent over the previous year," it stated.
Also read: Ultimate Guide to Haldi Export from India
India's Imports Statistics: Brief Overview
In 2023-Q1, India's imports reached USD 179430 million, down from USD 189201 million in the first quarter of 2022. As per India export import data, India's exports totaled USD 124845 million, while in 2023-Q1, they totaled USD 123832 million. India's two largest trading partners are China and the United States. However, mineral fuels and oils are India's most important imports and exports.
India is focusing more on manufacturing items and exporting them to foreign markets under the "Make in India" campaign. In addition, import from china to india have decreased. However, China remains India's most important trading partner, followed by the United States of America. Mineral fuels and oils are India's top 10 imports and export categories. Here is a look at India’s top 10 imports partner :
Also Read: Top 15 Products Imported from China to India
India's Top 10 Imports: Global Partners
India is heavily reliant on Chinese imports, although it recently started to focus on manufacturing goods. In 2022, India imported products worth USD 126851 million from China, and items worth USD 28796 million were delivered in the first quarter of 2023. Analyze the statistics of India's top 10 imports partners using graphics.
Here are some major takeaways from your chart of India's top 10 imports partners in 2022 and Q1 2023:
China
United States
United Arab Emirates (UAE)
Saudi Arabia
Iraq
Singapore:
Germany
Japan
Switzerland
Malaysia:
The chart also shows that India's imports from the majority of its top trading partners fell in Q1 2023 compared to Q1 2022. It is most likely due to a combination of circumstances, including the global economic slowdown and the ongoing trade conflict between the United States and China.
Also read: List of Herbal Products Exported from India
Based on import products from India statistics, electronics, machinery, chemicals, and medicines are among India's major Chinese imports. Oil and gas, machinery, and chemicals are among India's major US imports. Gold, diamonds, and crude oil are among India's main imports from the UAE. Crude oil and refined petroleum products are among India's top imports from Saudi Arabia. Crude oil is one of India's most important imports from Iraq.
India's Top 10 Imports products
According to India's import data, these are India's top 10 imports commodities:
1. Petroleum Oils and Mineral Fuels:
Mineral fuels, such as refined petroleum products and crude oil, are substantial imports into India. The energy needs of the nation are largely met by these imports, which also sustain domestic consumption, transportation, and a number of businesses. Crude oil, refined petroleum products (such as gasoline, diesel, and jet fuel), liquefied petroleum gas (LPG), and other derivatives are all included in the import category. The complexity of India's energy requirements is reflected in the imports' diversified nature.
2. Gold:
In India, gold is extremely important from a cultural, economic, and investment standpoint. The nation routinely ranks well in the world's imports of gold, making it one of the biggest users of this precious metal. A number of variables, such as investment inclinations, jewelry demand, and customary practices, influence the importation of gold. Australia, South Africa, the United Arab Emirates, Switzerland, and other nations are the main suppliers of gold to India.
3. Electrical Machinery and Equipment:
Electrical equipment and machinery are among India's major imports on a regular basis. Imports of these commodities are driven by the need for innovative technology in industries such as consumer electronics, manufacturing, and telecommunications.India imports electrical machinery and equipment from a number of nations; the US, China, Germany, Japan, and South Korea are among the main providers.
4. Nuclear Reactors and Machinery:
Nuclear reactors and machinery are strategically significant to India, even if they are not imported in as large quantities as some other categories. These imports support the goal of energy security by being linked to the growth and development of the nation's nuclear power system. Nuclear power plants use the imported reactors and equipment mostly to generate electricity.
Also Read: Market Trends and Opportunities: The Future of Indian Honey Innovation
5. Mineral Ores and Metals:
The country's strong industrial expansion, construction projects, and the needs of the manufacturing sector all contribute to the need for these commodities. Depending on its unique resource requirements, Namibia imports metals and mineral ores from a number of different nations. Australia, Brazil, South Africa, and Indonesia are important suppliers.
6. Organic Chemicals:
China, the US, Germany, Japan, and other key exporters are among the countries from which India imports organic chemicals. A number of criteria, including product specialty, cost, and trade relationships, may impact the choice of sources. Organic chemical imports directly affect the pharmaceutical, textile, plastics, and agricultural industries.
7. Plastics and Articles:
The packaging business, which depends on plastics for their affordability, durability, and light weight, imports plastic materials. Plastic packaging is commonly utilized for food, drinks, medications, and other consumer products. A wide range of products fall under this category, including finished goods, packaging products, construction articles, raw plastic materials (polyethylene, polypropylene, and PVC), and plastic products.
Our latest Blog: Major Handicrafts Products Exported from India to the USA
8. Machinery Parts and Accessories:
Parts and accessories for machinery are always among India's most important imports. These parts are essential to guaranteeing the effectiveness, usefulness, and upkeep of equipment used in construction, manufacturing, and other sectors of the economy. China, the US, Germany, Japan, and South Korea are a few of the major suppliers.
9. Iron and Steel:
Key components used in the production of machinery, autos, appliances, and other industrial goods include iron and steel. The pricing and availability of iron and steel are directly related to the state of the industrial industry. India imports iron and steel from a number of nations; its main suppliers include South Korea, China, Japan, and other countries in Asia, Europe, and the Middle East.
10. Medical, Surgical, and Pharmaceutical Products:
Pharmaceutical, surgical, and medical supplies are regularly included in India's top import categories. The population's desire for healthcare, improvements in medical technology, and the expansion of the pharmaceutical sector all contribute to the demand for these items. India imports pharmaceutical, surgical, and medical supplies from a number of nations; the US, Germany, Switzerland, China, and other nations are among the main providers.
Also Read:Top 10 Export and Import in Sri Lanka
How's Eximpedia Navigating the Global Trade Dynamics?
If you intend to import products from India, you must first understand the complexities of global trade. Europe, as a big market, might be a possible destination for Indian goods. Businesses must follow trade restrictions, understand market trends and HS codes, and build robust supply chain procedures to successfully export products from India to Europe.
Export products from india to other countries necessitates careful planning and understanding of international trade dynamics. Indian manufacturers export a wide range of items to global markets, including textiles, chemicals, and electronics. To export products from India list, businesses must explore reliable and updated export import data from the best import export data provider, like Eximpedia.app, and gain global trade data without any hustle-bustle.
Wind Up:
So, India's Top 10 Imports provide a comprehensive picture of the country's economic environment and global trade dynamics. Whether it's energy, technology, or raw commodities, India invests in international trade strategically to suit its diversified demands. Understanding the subtleties of India’s top 10 imports is critical for understanding the import market dynamics and successfully navigating the complexity of global trade if you are considering import products from India.
Staying up to date on trade trends and import export data will be critical to creating mutually beneficial alliances and promoting economic growth as the world continues to evolve. Feel free to contact Eximpedia.app for all your queries related to HS codes, export import data, or the best import products from India. Our experts will guide you to the best of their knowledge and expertise. To schedule a free live demo, click here.
Latest Blog: Top 10 Oil Exporting Countries and their data 2024
Frequently Ask Questions
Q1: What are the most in-demand import products in India?
The broad and diverse market of India provides several prospects for importers. Here are some popular categories:
Essential Commodities: Crude oil, gold, coal, diamonds, petroleum gas, and electronic components account for the majority of Indian imports.
Machinery and Equipment: High-tech machinery for industries such as autos, pharmaceuticals, textiles, and agriculture is in high demand.
Jewellery and Precious Stones: India has a thriving gems and jewellery business, with major diamond, coloured gemstone, and pearl imports.
Consumer Electronics and Appliances: As consumer spending rises, so does demand for cellphones, laptop computers, household appliances, and other electronic goods.
Q2: Which countries are India's main import partners?
China is usually India's largest import partner, followed by the United States, the United Arab Emirates, Saudi Arabia, and Switzerland. Recent trade measures and diversification attempts, on the other hand, are opening opportunities for other countries.
Q3: How can Eximpedia assist me in importing from India?
Eximpedia can be your one-stop platform for importing from India. We offer:
Market research and supplier identification: Learn about high-potential items and connect with trustworthy Indian suppliers.
Support with compliance and documentation: Navigate India's complicated import restrictions and secure easy customs clearance.
HS Codes: Identify HSN codes for specific products and analyze the global export and import data at your fingertips.
Importing from India, on the other hand, necessitates significant planning and dedication. Eximpedia.app is here to help you every step of the way, ensuring the success of your India import trip.
Q4: What are some of the challenges faced by importers in India?
Importing to India can be a pleasant experience, but it is not without complications. Here are some important roadblocks to be aware of:
Complex regulations: Import rules in India are notorious for their complexity and frequent revisions. Maintaining current criteria and maintaining adequate documentation can be time-consuming and difficult.
Non-tariff barriers: Non-tariff trade obstacles, such as anti-dumping levies, rigorous quality standards, and time-consuming certification processes, can increase the cost and complexity of importing.
Data Inaccuracy: Traders have difficulty receiving up-to-date and reliable data; one of the greatest websites is Eximpedia.app, which provides the most useful market information.
Imports Products Global Destination
Import products from Indonesia Import products from Phillipines
Import products from Canada Import products from Mexico
Import products from Argentina Import products from Korea
Import products from USA Import products from Bangladesh
Import products from Paraguay Import products from Uganda
Import products from Malaysia Import products from Japan
Import products from Sri lanka Import products from Ethiopia
Import products from Colombia Import products from Kenya
Import products from India Import products from Vietnam
Import products from Ecuador Import products from Ukraine
Import products from Chile Import products from Panama
Import products from Kazkhstan
