Import Export Data

Export Import Data

13-Jun-2020

Import Export Data

Import and export are a major part of any economy. Exports and imports not only benefit the Indian economy but are the core of many business operations. India has a large population and needs to import resources to meet local demand. India exports many commodities to other countries to earn valuable foreign exchange. There are numerous benefits of imports. It helps consumers get the latest technology at the most affordable rates. It encourages innovation in the local industry. Exports have helped to expand India’s markets. India has emerged as a leading exporter of services worldwide.

Import-Export Data 

India’s import export data showed that India’s exports were valued at 356.96 billion USD, in April-November 2019 while imports were valued at 480 billion USD. India’s trade deficit was 118.1 billion USD. The trade deficit reduced due to lower gold imports and lower petroleum prices. The government of India is trying to reduce the trade deficit by encouraging people to buy goods manufactured in India. The Indian government has set an export target of 900 billion dollars by 2020. 

Importers and Exporters rely on import-export data to formulate their business strategy. 

  • They study the data for business trends and changing customer preferences.
  • Ways to expand their markets and business.
  • Look for a cheaper source of raw materials or alternate suppliers.
  • Importers and exporters can look for alternate markets in case of trade wars or embargo. 
  • Exporters can look for ways to expand their business.
  • Applicable custom duties in the case of imports.

India Imports Data

India imports data shows that India imported 480 billion USD in 2019. Imports to India slumped due to lower purchase of gold, petroleum products, coal, coke & briquettes, electronic goods, iron & steel, and organic & inorganic chemicals. Indian imports slumped to 58.65% to a low of 17.12 billion USD, April. This was due to the lower purchase of gold, petroleum products, coal, coke and briquettes, electronic goods, iron steel, & organic and inorganic chemicals. Trends show India’s share of overall imports from Asia increased, especially China, Hong Kong, and ASEAN economies. 

Top Indian imports are:-

  • Mineral fuels including oil (153.5 billion USD)
  • Gem and precious metals (60 billion USD)
  • Electrical machinery and equipment (50.4 billion USD)
  • Machinery including computers (44.1 billion USD)
  • Organic chemicals (20.5 billion USD)

Top Indian import partners are:-

  • China ( 68.04 billion USD)
  • United States (34.92 billion USD)
  • United Arab Emirates (30.31 billion USD)
  • Saudi Arabia ( 27.03 billion USD)
  • Switzerland (22.09 billion USD)

India export data

India export data shows that India exported 332.8 billion USD. Export to India 1.8% in December to 27.36 billion USD. Export from India fell to 60.28% in 10.36 billion USD in April 2020 at the lowest levels since November 2009. This was due to lower sales in gems & jewelry, engineering goods, electronic goods, petroleum products, and organic & inorganic chemicals. The data showed exports to North American and European countries increased. India’s major exports continued to be Asian Countries. Trends indicate Asia’s share in Indian overall exports has fallen in the last five years.

India’s top exports are:-

  • Mineral fuels and oils (44.1 billion USD)
  • Gems, precious metals (36.7 billion USD)
  • Machinery including computers (21.2 billion USD)
  • Organic chemicals (18.3 billion USD)
  • Vehicles (17.2 billion USD)

Top Indian Export partners are:-

  • United States (54.29 billion USD)
  • United Arab Emirates (29.54 billion USD)
  • China (17.28 billion USD)
  • Hong Kong (11.84 billion USD)
  • Singapore (10.74 billion USD)

Indian Custom Data

Indian customs data is collected from custom ports (land ports, seaports, airports) around the country. The data is collected from the information contained in the bill of lading or shipping manifest submitted to customs authorities. The data submitted to the port authorities contains the following information:-

  • Product information (product description, HS Code)
  • Quantity of the shipment and unit quantity of the product
  • Price of the shipment
  • Port of origin, 
  • Destination port
  • Name and details of the Importer
  • Name and details of the Exporters

India Trade Data

India trade data showed it was the number 16th in total exports and 11th in total imports. The data showed the US has surpassed China to become India's top trading partner. The bilateral trade between the US and India was 87.57 billion dollars. The total trade between China and India was 68 billion dollars. Trade experts think this trend will continue as the US and India have further economic ties. India has a trade surplus with America. The trade deficit with China is huge. The other top trading partners of India are the UAE, Saudi Arabia, and Hong Kong. 

The Indian government uses India’s trade data to formulate the country's economic policy. 

  • It helps them identify the top imported and exported commodities. The government looks for ways to reduce import burden and promote exports.
  • The data helps them during trade negotiations with other trading partners or trade blocks.
  • Collect the information regarding duties and taxes collected during the import and export of goods.
  • To measure the success or failure of incentives regarding different industry policy. 
  • The efficiency of various ports in the country.  

Export Import Data Solutions is a leading import export data company in India. It offers the latest, genuine and reliable customs shipment data of global countries. At exportimportdata.in you can get export import data India, Indian trade data, India customs data, India import data, Indian export data, HS codes list, HS code finder, custom duty in India etc.

 

Related Blog: Gems and Precious Stones Import Data

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