India’s import business is huge and more profitable than the export business. Every year a lot of commodities/products and services are importing in India. This is the main reason people try their luck in Indian import business instead of export business. It has many business opportunities for local buyers/suppliers, traders, global importers/exporters, and businessmen related to any industry.
Last year, India has imported $507.6 billion worth of products from other countries, up by 10.5% since the year 2014 and 14.3% from 2017-18. Year by year, the amount of import has been increasing that unlock the growth opportunities for the traders either local or international.
After getting an overview of India’s importing business, let’s explore the major importing partners and top imported products of India.
Top Five Imported Products of India
1. Electrical Machinery and Equipment
There is a vast demand in India for electrical machinery and equipment along with their spare parts and accessories. Their parts include sound reproducers and recorders, sound recorders and television image parts. You can make huge revenues by importing these goods/commodities into India.
2. Live Trees and other Plants
Because of swift urbanization keep going on in India, lots of natural resources are ruining regularly. Therefore, the demand for live trees, plants, roots, and flowers is on the top in India. So if you are experienced in handling plants and trees then you can make revenue by importing trees and other plants.
3. Steel and Iron
India has many resources for the production of steel and iron but it still depends on imports of both products. However, the import amount of both items as well as other metal products has significantly decreased in a few past years.
In many states of India, a lot of seafood like mollusks, fish, and crustaceans are consumed regularly. So it’s clear that seafood has a huge demand in India and you can make profits by importing all above-mentioned seafood.
India’s fifth top imported item is oil. This product is India’s top priority no matter it is edible or crude. The amount of edible oil that India imports from other countries has increased by almost 25% in recent years.
Top Five Importing Partners
In the year 2018, India has imported $73.7 billion worth of products from China. China contributes to 14.5% of India’s entire imports. There is a long list of products which are imported into India from China like organic chemicals ($8.5 billion), fertilizers ($1.7 billion), iron and steel ($1.4 billion), plastics ($2.7 billion), etc.
2. United States of America
India has imported products worth $32.6 billion from the United States of America in the year 2018. The USA contributes to 6.4% of India’s total import business. Major items which imported into India from the US are fruits & nuts ($887.6 million), Gems & metals ($7 billion), medical equipment ($1.6 billion), wood pulp ($772.3 million), etc.
3. United Arab Emirates
Last year India has imported $26.8 billion worth of products from UAE that contributes to 5.3% of its entire imports. A lot of products are imported in India last year and some of them are copper ($705.5 million), aluminum ($478 million), ships & boats ($487.8 million), machinery ($280.9 million), and many more.
In the year 2018, India has imported $16 billion worth of products from Indonesia that contributes to 3.2% of India’s overall imports. Inorganic chemicals ($278.7 million), rubber ($445.9 million), mineral fuels ($7 billion), iron & steel ($454.3 million) and many other products are imported into India from Indonesia.
5. Saudi Arabia
Saudi Arabia has exported $28.4 billion worth of products to India that contributes to 5.6% of India’s entire import business. Major imported products are oil ($24.3 billion), chemical products ($131.6 million), ores/slag/ash ($53.2 million), spacecraft & aircraft ($48.2 million), etc.
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