Several information sites on the internet are now readily available to help people comprehend India’s markets and economy. However, it becomes difficult to get the most effective and genuine information that is required. And while searching the traded products with which the country is involved, then it can only be acquired through its trade transactions mentioned in the trade data of India. Increasingly companies are infusing several import-export data into their global organizations that help in making the decision process easy. By gaining this information of Indian trade data, a great understanding of the market and competitive landscapes driving reducing costs, revenue, can be achieved.
Indian trade data is comprised of import-export data. It mainly captures every shipment that moves in and out of the country. The balance of Indian trade data mostly records the merchandise trade of the country done with its trading partners. And as India is known as the fastest-growing economy in the world, Indian trade data thus shows the tremendous possibilities that many traders, importers, and exporters can have in the near future. From a preliminary estimate made from Indian trade data for the month of May 2021, it can be recorded that the country has faced a trade deficit of around 6320 USD million. From 1957 through 2021, the balance of Indian trade was -2843.74 USD million on average.
A gap in the trade of India has widened in the month of April of 2021 as per Indian trade data to around USD 15.1 billion. This is the previous year was of USD 6.76 million as stated by Indian trade data. It occurred as both foreign and domestic demand had a rebound from the declination in last year’s records. As of April 2020, the country was under a strict lockdown due to the pandemic situation of coronavirus, so exports had surged by 195.72 percent which was USD 30.63 billion as per Indian trade data. On the other hand, imports had shown a jump by 167.05% to USD 45.72 billion.
In a recent press release, the Government of India provided a clear estimate of Indian trade statistics, stating that overall exports, including both services and products, were USD 51.79 billion in April 2021, representing a positive rise of 93.21 percent. On the other hand, according to Indian trade data, total imports were anticipated to be about USD 58.72 billion, representing a positive gain of 122.24 percent.
The import-export data information is based on details that are updated upon shipping bills, invoices, and other operational documentation. Thus, the Indian trade data is collected from these documents that are based on import-export data. Most of the information is collected directly from Indian Customs, Government bodies, Port authorities, shipping companies, and different other trade associations. From this import-export data, it could be revealed that this South-Asian country is ranked at the 10th position among the top importers of the world. The import-export data also exhibits that the total value of the Indian imports was approximately $479 billion in 2019 and $509 billion in the year 2018.
The country’s exports, on the other hand, rank 18th among the world’s top exporters, according to the import-export data. According to export trade data, the overall value of Indian exports in 2019 was over $323 billion, up from $325 billion in 2018. These import-export data provide information that is related to Indian trade data that include names and statistics of every shipment made by the country through import and export. The import-export data includes data on the shipment data fields that cover-
- Product Description,
- HSN Code,
- Foreign Country,
- Total Value USD,
- Port Name
- Mode of transport etc.
Following this export trade data from the Indian trade data, it can be stated that the country is mostly involved with certain export products (2019) that includes:
- Mineral Fuels & Oils ($44.5 billion total exports),
- Pearls, Precious Stones and Metals ($36.7 billion total exports),
- Industrial Machinery and Parts ($21.3 billion total exports),
- Organic Chemicals ($18.2 billion total exports),
- Vehicles ($17.4 billion total exports).
Other than this it could be estimated from the export trade data that the country was a major exporter of Nuclear reactors, boilers, and machinery during the period 2020-21 along with other machinery appliances. These machinery and appliances were worth 20 billion and accounted for about 6 percent of the total exports. Not only that, but the export trade data also states that the country is also a major exporter of pharma products that were worth 16 billion, accounting for 5.5% of the total exports.
The primary Indian exporting partners that the country has might also be highlighted when gathering this data on import-export statistics. As per the export trade data of 2019, the United States of America ranks as the top country that has trading relations with India. The overall share that these trading partners hold with that of India as per export trade data includes:
- The USA recorded a share of 16.8% ($54.3 Billion),
- UAE with a share of 9.1% ($29.5 Billion),
- China with a share of 5.3% ($17.3 Billion)
- Hong Kong with a share of 3.6%
- Singapore with a share of 3.3%, and so on.
From these export trade data, it could also be known about the main export ports that India has which include:
- Nahavasheva is the largest port and handles 30% of the total exports
- Mundra Sea
- Delhi air
- Bombay air
- Chennai sea
- Vizag Sea
Thus the Indian trade data gives a complete insight into the import-export data of the products that have a demand in the trading activities with detailed information on the main export trade data of the country. Thus, India’s import-export trade data benefits merchants by providing detailed information on imports and exports to and from India. These merchants will gain from this export trade data since they will be able to examine the activity of their suppliers and customers, track their rivals, identify potential customers, and new trending possibilities, among other things.