Top 5 commodity import and exports of India: Import & Exports India 2020

Top 5 Commodity Imports and Exports of India | Euro Exim Bank
Top 5 Commodity Imports and Exports of India | Euro Exim Bank
Top 5 Commodity Imports and Exports of India | Euro Exim Bank

· India is considered to be a country that is rich in natural resources and minerals

o This is why the country exports numerous minerals and commodities to its trading partners

· The South Asian nation exports a range of commodities to other countries, including both agricultural and non-agricultural products

o Some of these commodities include rice and sugar

· At the same time, the country also imports certain commodities such as gold and palm oil, among others

o The reason behind this is that these commodities have extremely high demand in India’s domestic market

· This blog highlights and discusses India’s top five commodity imports and exports

Top Five Commodity Imports of India

· India imports a wide range of commodities from other countries. This is because of its large population and relatively limited oil reserves

· The country’s topmost commodity import is crude petroleum

o According to estimates, the country imports crude petroleum worth $60.7 billion annually

o Crude petroleum is used in a wide range of industries such as manufacturing, transportation, and automobiles

· India’s second-largest commodity import is gold and related products

o Indians continue to be fascinated by gold. This is because of the fact that the yellow metal is considered to be auspicious

o Gold is an integral part of Indian weddings, thereby driving up the demand for it

o At present, the country imports gold worth $22.9 billion on an annual basis

· The third-largest commodity import in India is diamonds

o The country’s own diamond resources were depleted several years ago. This is the reason why the country depends upon diamond imports

o The country imports diamonds worth $19.0 billion on an annual basis

o Some of these diamonds are consumed in the local market, while others are processed and re-exported

· India’s fourth-largest commodity import is palm oil. This commodity is typically used for cooking purposes

o As of now, the country imports palm oil worth $5.6 billion annually

· The South Asian nation’s fifth-largest commodity import is copper

o Currently, the country imports copper worth $2.46 billion per annum

o Copper is used in several industries such as manufacturing of inverters and electronic components

Top Five Commodity Exports of India

· India also exports several commodities to its trading partners around the world

· India’s number one commodity export is refined petroleum. Indian companies tend to import raw crude oil from other nations and sell it in the international markets after refining it

o As of now, the country exports refined petroleum worth $25.4 billion on an annual basis

· The second-largest commodity export is diamonds. At present, the country holds a market share of more than 18% in the diamond export industry

o Raw diamonds are imported from other countries, and then they are processed

o Currently, the country exports diamonds worth $9.3 billion annually

· India’s third-largest commodity export is rice. India’s agriculture sector is an important part of its economy, and rice is one of its key offerings

o At the moment, the country exports rice worth $5.32 billion on an annual basis

· Another major commodity export for India is aluminium. The country exports aluminium to Asia as well as Europe

o According to estimates, the country exports aluminium worth $1.57 billion annually

· India’s fifth-largest commodity export is raw sugar. States such as Maharashtra are key producers of sugar in the country

o Presently, the country exports raw sugar worth $1.45 billion per annum

Conclusion

To conclude, it is clear that India’s commodity trade continues to rise at a rapid pace. Institutions such as Euro Exim Bank offer customised support to traders in the form of financial instruments and bespoke trade advisory services. Euro Exim Bank offers financial instruments such as Bank Guarantees and Letters of Credit (LCs). Further information about Euro Exim Bank and its key product offerings is available here.

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