Month: August 2023

What are the latest trends of export and import in India?

India is a country that induldges in import and export of goods and services . The import export data of India shows that there are many factors tha affect  India’s export and import trends like  global economic conditions, government policies and industry-specific dynamics.

If you are someone who is looking to expand your import export business or entering this world then . This post will show you some latest trends in export and import in India:

Here are some trends

Export Trends

Some of the texport trends shown by export data India are

Record-High Exports: In the financial year 2022-23 India achieved its highest-ever merchandise exports reaching a record high of US$417 billion

This growth was mainly driven by sectors such as petroleum products, engineering goods, gems and jewelry organic and inorganic chemicals and textiles

Crossing Targets: India crossed the targets that government gave . They gave a target of US$400 B for exports in the year 22-23

This shows that  the Indian exporters have an ability to overcome challenges It also includes  those  people who a posed by the global pandemic

Focus on Diversification: India has been working very hard to diversify its export markets and product range.

 The top export destinations of India include the United StatesUnited Arab Emirates, China, Bangladesh, and Hong Kong

Key export products include refined petroleum, diamonds, packaged medicines  jewelry, and rice

Import Trends:

The import data India shows the following trends in India imports

Increased Imports: India’s imports of goods have been increasing, leading to a significant trade deficit of 87.5 percent in FY 2022-23

The top imported products include crude petroleum, gold, coal diamonds, and petroleum gas

China is the largest import partner for India

Rising Demand for Commodities: India’s imports of commodities such as crude oil, coal, and gold have been on the rise

This is because of the increased industrial activity, energy requirements and consumer demand.

Trade Deficit: India’s trade deficit increased to US$192.41 billion in FY 2022-23 . It also shows that iimports are more than  exports by a big margin.

This highlights the need for measures to boost exports and reduce dependence on imports.

Government Initiatives:

The Indian government has issued many policies and schemes and programs in order to improve the country exports and reduce the trade deficit. Some of the important initiatives include

Export Promotion Schemes:

The government has added many schemes like  Merchandise Exports from India Scheme and the Export Promotion Capital Goods scheme to grow more exports and provide support to exporters

Atmanirbhar Bharat: The government’s Atmanirbhar Bharat (Self-Reliant India) initiative aims to promote domestic manufacturing and reduce dependence on imports.

This initiative includes measures such as production-linked incentives for various sectors

Trade Agreements: The import export data shows that India has been doing a lot of  trade agreements and negotiations with various countries and regions to increase market access for its exports.

Conclusion:

In this post we saw how India has shown a good improvement in export although the imports were more . We saw some trends that India showed .

If you wish to learn more about trade related information then you should visit Siomex.

Import Export Trade Data Provider in India.

As we all know India is one of the major drivers of the economy . It is a  country that is involved in import and export of goods with many countries in the world .

As per the import export data provider India total exports were $410 b while imports were around $510 B .

The growth in export and import is helping Indian business to have new opportunities and also allow them to grow .

But in order to gain success in this business sector it is important to have the right import and export data .

If you are also someone who is looking for the right data or the right import export data provider then you have come to the right place .

In this post we will look at the importance of import export data providers in India . Let us go into the details

Let us first know why it is important to choose the right shipment data provider

Importance of Import export data provider

  • Accurate and up-to-date data: The information provided by them is updated on a real time basis .This data is more accurate than data that you can find on public websites.
  • Customizable reports: Many data providers like Siomex provides you with customisable import and export reports according to your business needs

This will help you in saving time and money as you will not have to collect and analyze the data yourself.

  • Market research: The trade data providers India can also help you by providing other reports like market research reports .The market research report will help you to know what are some new trends and what is the demand of the product or service .

If you have this information then it becomes very easy to do your business

  • Data analytics: The reports provided by them are made after analyzing the data well . These provider like siomex use data analytics to help you understand your customers and competitor noth

By using this information businesses can improve their ways of doing business and focus on weak points as well

  • Make informed pricing decisions:After studying this information provided by the import export data providers businesses can understand some concepts like  cost of goods and the demand for products,

This allows them to make some important and good pricing decisions for their business

  • Comply with government regulations:  The data providers not only just give data but they also share basic information as well. One information that they provide is about government policies and rules of trading . Studying this carefully can help you to avoid any penalties

How to choose the right data provider

  1. Know  your needs. Before choosing the data provider you should first know what exactly you are looking for . Ask questions to yourself , know things like what is your budget and how long will you use it .
  1. Read reviews. Reading reviews about the information provider is the best thing that one can do .

There are many websites where you can read reviews of import export data providers.

This can be a helpful way to get an idea of the quality of the data and the customer service offered by different providers.

  1. Ask for a free trial. Many import export data providers offer free trials. This is a great way to test out the data and see if it meets your needs.

Conclusion

These were the importance of choosing the right data provider and some ways you can consider to choose the right one .

If you are also wondering which is the right import export trade data provider India then you should only think about using Siomex .

Visit Siomex for more information

What Are The Items China Imports From India?

In the world of import and export India and China are one of the most major countries .As per the global import export data these two countries have also been trading with each other for a very long time .

Although the political relationship of India with China is not very good but the trade relationship is great

They have also engaged in trade for centuries adding up to the flow of goods, culture, and ideas between the two countries .

While both countries have their unique strengths and specialties have you ever wondered what items China imports from India?

If you wish to know what all goods China imports from India then this post is for you .We will look at the products that China imports from India.

What Are The Items China Imports From India?

Pharmaceuticals and Chemicals

The export data India shows that India in the pharmaceutical industry has secured its place as one of the world’s top exporters of generic medicines and active pharmaceutical ingredients.

China, in turn, heavily relies on Indian pharmaceutical products to meet its domestic healthcare needs. From antibiotics to anti-inflammatory drugs,

 China imports a significant portion of its pharmaceutical supplies from India fostering a mutually beneficial partnership that promotes better healthcare accessibility for both nations.

Organic Chemicals

The global demand for organic chemicals, including intermediates and dyes, has fueled a substantial portion of India’s exports to China.

These chemicals find applications in various industries, such as textiles, plastics, and agriculture.

The trade in organic chemicals illustrates the intricate dance between India’s manufacturing capabilities and China’s appetite for raw materials.

Cotton and Apparel

India’s rich textile heritage has long captivated international markets, and China is no exception. China imports raw cotton and finished textile products like garments and fabrics from India. This exchange reflects the complementary strengths of both nations ndia’s cotton production and China’s manufacturing .

Gems and Jewelry

The allure of Indian gems and jewelry has transcended borders for centuries. From gold ornaments to  designer gemstone jewelry, India’s exports find a keen audience in China.

 The trade of gems and jewelry reflects the cultural affinity for craftsmanship and artistic expression shared between the two nations.

Iron Ore and Other Minerals

India’s abundant reserves of iron ore and other minerals have garnered the attention of China’s manufacturing and construction industries. 

As one of the world’s largest steel producers, China relies on imports of iron ore from India to sustain its rapid economic growth.

This partnership underscores the symbiotic relationship between resource rich countries and industrial powerhouses.

Agricultural Products

The import export data shows that  agriculture forms a cornerstone of both India and China’s economies, and their trade in agricultural products is no small matter.

 China imports items like spices, sugar, and rice from India to meet its diverse culinary and food processing needs.

This cross-border exchange connects the gastronomic traditions of both nations, fostering cultural enrichment.

Conclusion

The trade relationship between India and China is a multifaceted tapestry woven from a diverse range of goods.

From life-saving pharmaceuticals to vibrant textiles, these imports signify the dynamic interplay between India’s strengths and China’s demands.

This cross-border exchange is a testament to the power of global trade in fostering economic growth and cultural enrichment.

If you wish to know more about trade related information then visit SIomex .