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Top 5 Imports in India

rochanavs@gmail.com

March 2019

International Business

Trade

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Trade

Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties. Trade can take place within an economy between producers and consumers.

International Trade

International Trade

  • Expands the market
  • Competitive market
  • Encourages FDI
  • Goods and services
  • Export
  • Import

Top Importers

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Imports

An import is a product or service that is brought from one country into another. Imports allow countries to purchase goods and resources that they can’t produce on their own — or to produce them cheaper and more efficiently than they could domestically.

Top 10 major commodity groups in May 2022

Top 5 Imports in India (2020)

Top 5 Imports in India (2020)

Coal Briquettes

  • Import cost – 20.9 billion USD
  • 1st largest importer of in the world
  • 3rd most imported product
  • Australia ($9.12B), South Africa ($3.82B), Indonesia ($3.8B), United States ($1.62B), and Russia ($923M)

Crude Oil

  • Import cost – 59 billion USD
  • 3rd largest importer
  • 1st most imported product
  • Crude oil – Saudi Arabia ($11.1B), Iraq ($13.2B), UAE ($6.34B), Nigeria ($5.22B), USA ($4.12B).

Diamond

  • Import cost – 15.8 billion USD
  • 1st largest importer in the world
  • 4th most imported product
  • United Arab Emirates ($4.16B), United States ($3.32B), Belgium ($3.23B), Hong Kong ($2.31B), and Botswana ($891M).

Gold

  • Import cost – 21.9 billion USD
  • 6th largest importer in World
  • 2nd most imported product
  • Switzerland ($10.1B), United Arab Emirates ($2.57B), South Africa ($1.41B), Peru ($1.03B), and Ghana ($853M).

Petroleum Gas

  • Import cost – 13.8 billion USD
  • 4th largest importer of in the world
  • 5th largest imported product
  • Qatar ($5.05B), United Arab Emirates ($2.28B), Saudi Arabia ($1.54B), United States ($977M), and Nigeria ($883M).

Largest share of India's import in 2021

16.53%

7.32%

6.75%

4.62%

Largest share of India's import (2021)

4.1%

3.85%

3.62%

3.46%

3.37%

3.24%

Effect on Global Market

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How International Trade affects Global Market?

  • Impact on supply, demand and price
  • Example: Sneakers

Latest News

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India's imports of cheap Russian crude surge since Ukraine invasion

India's oil imports from Russia have been rising since February, as Asia's third largest economy and the world's third biggest oil importer, turned to deeply discounted Russian oil, mostly Urals crude, to cut its imports bill. The country received more than 24 million barrels of Russian crude this month, up from 7.2 million barrels in April and about 3 million in March, and is set to receive about 28 million barrels in June.

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