India has emerged as a key participant in the world economy. It is the market leader in exporting information technology services, pharmaceuticals products, jewelry, and petroleum products. India is heavily dependent on oil imports to meet its oil requirements. According to Indian import data, total imports are 23.64% of the GDP. India export data shows that India exported 7500 products to 190 countries around the world.
Importers and exporters use the import and export data to make business decisions. Traders use the data to maximize their profits with minimal risks. They can make price and volume decisions based on the available information. They utilize the database to explore new markets and find new opportunities to diversify. Traders study data to look for market trends and changes in preferences.
According to Indian Import data, India imported commodities worth 398.18 billion USD in the financial year 2020-21. The imports declined by 18.02% due to the effects of the global pandemic. The imports have been showing a steady recovery in the last quarter of 2020-21. The data shows China (58 billion USD) is the largest importing partner. If we examine Indian import data the top imported commodities are:-
- Mineral fuel, oil, and waxes (28% of total imports)
- Electrical machinery and equipment (11.5% of total imports)
- Pearls, precious and semi-precious stones, precious metal, and jewelry (11.1% of total imports)
- Nuclear reactors, boilers, and mechanical machinery & equipment( 9.64% of total imports)
- Organic Chemicals (4.93% of total imports)
As per India export data, India exported goods valued at 290.63 billion USD from April 2020 to March 2021. The exports declined by 7.26% from 2019-20. The highest exports in the year were recorded in March 2021, with India exported products worth 34.5 billion USD. Examining the India export data we learn the top exported commodities are:-
- Petroleum oils (9.5% of total exports)
- Pharmaceutical products (6.03% of total exports)
- Diamonds mounted not set (5.52% of total exports)
- Rice (2.89% of total exports)
- Jewelry (2.77% of total exports)