Import is foreign goods or services that can be bought by individuals, companies, or countries. Goods may include finished goods, partly-finished components, and raw materials. Imports reduce valuable foreign exchange from a country’s reserves. It helps to accelerate industrialization developed countries get access to insufficient raw material and technology. It helps to meet the demands of the local market. An importer can study the import data and buy products in demand but are unavailable or scarce. Import can introduce a range of high-quality products to the domestic markets. It encourages local industries to produce goods efficiently. Import trade data in India shows that commodity imports were 389.63 billion USD.
Import Data is a vital market research resource providing inputs on the price, quantity, ports used, and contact details of importers and exporters of various products imported into the country. It helps businesses know the latest marketing trends and evaluate the demand for a product. In the competitive business world, it is imperative to monitor your business rival’s strategy. Our comprehensive import data will help you know the countries they import from, their price strategy, the quantity imported and the ports used for trading. Importers use the database to find alternative markets to buy their products. They can shortlist potential buyers based on their prices. They examine the database to look for diversification opportunities.
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Import trade data in India shows that petroleum products with 104 billion USD spent on it. India is heavily oil-dependent and imports more than 80% of the requirements. India imported 62.88 Mt of petroleum product in 2020-21. The import data of India shows oil imports in 2020-21 reduced by 6.4 billion USD. Other top imports are electrical machinery and ancillaries, pearls, gems, and precious metals, mechanical machines and appliances, and organic chemicals. Other major imports in India are animal and vegetable oil, iron and steel, and fertilizers.
The import trade data in India shows that the majority of India’s top trade partners are from Asia. China is India’s largest trade partner followed by the United States, United Arab Emirates, Saudi Arabia, and Iraq. Imports from China (58 billion USD) were more than the combined imports from the US (26 billion USD) and UAE (23 billion USD).
Some of the top importer companies and their import are as follows:-
- Reliance Industries Ltd (Oil and gas)
- Indian Oil Corporation Ltd (Oil and gas)
- Bharat Petroleum Corporation Ltd (Oil and gas)
- Adani Enterprises (Coal)
- Vedanta Group (coal and other products)