India’s top 5 import partners over 5 years have been US, UAE, China, Saudi Arabia and Iraq.
On the whole, imports have increased from US$ 459.37 billion in 2014 to US$ 507.58 billion in 2018 especially due to a huge increase from Hong Kong.
India’s total import value (US$ billion)
Source: ITC Trade Map
India’s imports from USA increased from US$ 20.44 billion in 2014 to US$ 32.64 billion in 2018, due to doubling in India’s import of natural or cultured pearls during the period.
In addition to this, imports of mineral fuels and oils have increased from US$ 1.54 billion in 2014 to US$ 6.72 billion in 2018.
Imports of electrical machinery and equipment, organic chemicals and machinery and mechanical appliances have shown an increase in imports in 2018 as compared to previous years.
India’s import value from US (US$ billion) and shares
China is the most significant contributor to India’s trade deficit. India’s imports from China have shown an increasing trend from US$ 58.23 billion in 2014 to US$ 73.74 billion in 2018.The major products contributing to this increase are electrical machinery and equipment and machinery and mechanical appliances. Organic chemicals, plastics and articles of iron or steel have also shown an increase in imports.
India’s import value from China (US$ billion) and share
India’s imports from UAE were at US$ 27.29 billion in 2014 and declined to US$ 26.78 billion in 2018.The major items in the import basket from UAE are mineral fuels, plastics & articles, copper and articles and natural or cultured pearls. Imports in mineral fuels have declined during the period, while plastic and copper imports have increased.
India’s import value from UAE (US$ billion) and shares
India’s imports from Iraq have shown an increase from US$ 16.07 billion in 2014 to US$ 23.06 billion. The sole product contributing to this hike is the mineral fuels and oils.The other products imported from Iraq have nearly negligible share with the exception of edible fruits and nuts, which is around US$ 0.07 billion.
Table 2.12 India’s import value from Iraq (US$ billion) and shares
India’s import from Saudi Arabia has declined from US$ 32.70 billion in 2014 to US$ 28.36 billion in 2018.
The major reason behind this trend is the decline in imports of mineral fuels and oils in 2018 as compared to 2014, although the value is higher than 2015-17
There has been a small decline in imports of organic chemicals and plastics, whereas an increasing trend has been observed in fertilisers and aluminum.
India’s import value from Saudi Arabia (US$ billion) and shares
India’s import from Switzerland has declined from US$ 21.13 billion in 2014 to US$ 18.03 billion in 2018.This trend is due to decline in imports of natural or cultured pearls from US$ 19.41 billion in 2014 to US$ 15.60 billion in 2018, which is also the heaviest product in the import basket.
Increase in imports is observed in optical, photographic ad cinematographic, pharmaceutical products and mineral fuels and oils.
India’s import value from Switzerland (US$ billion) and shares
India’s imports from South Korea have risen from US$ 13.44 billion in 2014 to US$ 16.36 billion in 2018
In all major 5 product groups imports have increased but significant contribution is due to increase in imports of iron and steel and plastics and articles.
India’s import value from South Korea (US$ billion) and shares
India’s imports from Indonesia has shown a slight increase to reach US$ 16 billion in the past five years. The most significant commodity in the import basket is animal or vegetable fats and oils though it has shown a decline in 2018 as compared to previous years.
Imports in mineral fuels and oils and ores, slag and ash have also shown a decline, while imports of miscellaneous chemical products and iron and steel have shown an increase.
India’s import value from Indonesia (US$ billion) and shares
Hong Kong is the only country among the top ten where the import value of the products imported by India have increased by US$ 9.76 billion from 2014 to 2018.
The major product that has contributed to this increase is electrical machinery and equipment which increased by US$ 6.38 billion in 2018 as compared to 2014. This is also the most weighed product in the import basket of India.
The other products whose imports have increased are:
• Natural or cultured pearls • Machinery and mechanical appliances • Optical, photographic, cinematographic • Plastics and articles
India’s import value from Hong Kong (US$ billion) and shares
India’s imports from Iran have shown an increase from US$ 11.25 billion in 2014 to US$ 14.77 billion in 2018.
The most significant product in the import basket is the crude oil which has shown an increase from US$ 9.66 billion in 2014 to US$ 13.31 billion in 2018. .India’s import of crude oil declined significantly in 2015, resulting in an impact on our overall import value with Iran as it fell to US$ 6.23 billion in 2015. Imports have also increased in fertilisers and edible fruits and nuts, while imports of organic and inorganic chemicals have shown a downward trend in the past five years.
India’s import value from Iran (US$ billion) and shares
Dissecting the imports product wise, it can be seen that mineral fuels and oils depicted a declining trend from 2015-2016 but again increased in 2017-18. They are mainly sourced from Saudi Arabia and Iraq.
Natural or cultured pearls, which are majorly sourced from Switzerland, have shown a slight increase from US$ 59.84 billion in 2014 to US$ 65.03 billion in 2018.
Electrical machinery and equipment, which is majorly sourced from China, has shown an increase of approx. US$ 20 billion from 2014 to 2018.
Machinery and mechanical appliances and organic chemicals have shown an increase in imports in 2018 as compared to previous years.
India’s import of plastics and articles and iron and steel have increased mainly from South Korea and China.
Animal vegetable fats and oils imports in the past five years has hovered around US$ 10 billion. This product contributes majorly to India’s deficit with Indonesia and Ukraine.
India has increased its imports in optical, photographic and cinematographic equipment from China, USA and Germany and inorganic chemicals from China, Australia and Morocco from 2014 to 2018.
India’s import value of 10 major products (US$ billion) and shares
Source: Data Sourced from ITC Trade Map
Stay ahead in the dynamic world of trade and commerce with India Business & Trade's weekly newsletter.