India bought US$667.2 billion worth of goods imported from around the world in 2023, up by 39.3% compared to $478.9 billion five years earlier during 2019.

Year over year, that total dollar cost reflects an -8.9% reduction from $732.6 billion in 2022.

Based on the average exchange rate for 2023 on a Purchasing Power Parity basis, the Indian rupee dropped by -20.8% against the US dollar since 2019 and depreciated by -5.1% from 2022 to 2023. India’s weaker local currency makes India’s imports paid for in stronger US dollars in 2023 relatively more expensive when converted starting from Indian rupees.

India’s Main International Suppliers

The latest available country-specific data shows that almost two-thirds (65%) of products imported into India was furnished by providers in: mainland China (15.2% of the Indian total), Russia (9.2%), United Arab Emirates (6.7%), United States of America (6.4%), Saudi Arabia (5.1%), Iraq (4.4%), Indonesia (3.4%), South Korea (3.2%), Singapore (3%), Switzerland (2.94%), Hong Kong (2.75%) and Japan (2.6%).

From a continental perspective, nearly three-fifths (58.9%) of India’s total imports by value in 2023 was furnished by exporters located in fellow Asian countries. Trade partners in Europe supplied 22.4% of import purchased by India while 7.6% worth originated from North America. Another 5.5% came from exporters in Africa.

Smaller percentages track back to suppliers in Latin America (3%) excluding Mexico but including the Caribbean, and Oceania (2.6%) led by Australia.

Given India’s population of 1.429 billion people, the economic powerhouse’s total $667.2 billion spent on 2023 imports translates to roughly $460 in yearly product demand from every person living in the vast South Asian country. That dollar metric exceeds the average $310 per capita for 2022.

India’s Top 10 Imports

The following product groups represent the highest dollar value in India’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into India.

1. Mineral fuels including oil: US$220.6 billion (33.1% of total imports)
2. Electrical machinery, equipment: $76.1 billion (11.4%)
3. Gems, precious metals: $72.6 billion (10.9%)
4. Machinery including computers: $57.1 billion (8.6%)
5. Organic chemicals: $27.3 billion (4.1%)
6. Plastics, plastic articles: $22.6 billion (3.4%)
7. Iron, steel: $18.9 billion (2.8%)
8. Animal/vegetable fats, oils, waxes: $16.6 billion (2.5%)
9. Optical, technical, medical apparatus: $12.6 billion (1.9%)
10. Fertilizers: $10.4 billion (1.6%)

India’s top 10 imports accounted for four-fifths (80.1%) of the overall value of its product purchases from other countries.

Imported iron and steel recorded the biggest percentage increase in spending among India’s top 10 import categories, up 12.9% from 2022 to 2023.

In second place were Indian imports of optical, technical and medical apparatus (up 11.4%).

Another product category to post a significant gain was for purchases of electrical machinery and equipment, up 9.2% from 2022.

Incurring the severest year-over-year reductions were for India’s imports of fertilizers (down -39.6% from 2022), animal or vegetable fats, oils and waxes (down -23.5%), then mineral fuels including oil (down -20.4%).

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.

For a more detailed view of imported goods at the four-digit HTS code level, see the sections below.

India’s Imports of Mineral Fuels and Related Products

In 2023, Indian importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Crude oil: US$140.1 billion (down -19.3% from 2022)
2. Coal, solid fuels made from coal: $37.1 billion (down -24.3%)
3. Petroleum gases: $24.9 billion (down -23.2%)
4. Processed petroleum oils: $11.9 billion (down -19.7%)
5. Petroleum oil residues: $3.8 billion (down -7.7%)
6. Coke, semi-coke: $1.4 billion (down -13.4%)
7. Coal tar oils (high temperature distillation): $1.3 billion (down -19.1%)
8. Petroleum jelly, mineral waxes: $191.1 million (down -6.9%)
9. Tar pitch, coke: $25.1 million (down -31.6%)
10. Asphalt/petroleum bitumen mixes: $4.8 million (up 43.4%)

Among these import subcategories, Indian purchases of asphalt or petroleum bitumen mixes (up 43.4%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imports related to mineral fuels among Indian businesses and consumers.

India’s Imports of Electrical Products

In 2023, Indian importers spent the most on the following 10 subcategories of electrical items including consumer electronics.

1. Integrated circuits/microassemblies: US$19.2 billion (up 19.2% from 2022)
2. Phone devices including smartphones: $16.5 billion (up 3.6%)
3. Solar power diodes/semi-conductors: $6.7 billion (up 13.2%)
4. Electric storage batteries: $3.8 billion (up 18.7%)
5. Electrical converters/power units: $3.1 billion (up 11.2%)
6. Flat panel display modules: $2.7 billion (up 82.7%)
7. Lower-voltage switches, fuses: $2.6 billion (up 11.4%)
8. Microphones/headphones/amps: $1.8 billion (up 4.3%)
9. TV receiver/transmit/digital cameras: $1.8 billion (down -11.2%)
10. TV/radio/radar device parts: $1.4 billion (down -28.7%)

Among these import subcategories, Indian purchases of flat panel display modules (up 82.7%), integrated circuits or microassemblies (up 19.2%) then electric storage batteries (up 18.7%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported organic chemicals among Indian businesses and consumers.

India’s Imports of Gems and Precious Metals

In 2023, Indian importers spent the most on the following 10 subcategories of gems and precious metals.

1. Gold (unwrought): US$42.6 billion (up 16.4% from 2022)
2. Diamonds (unmounted/unset): $22 billion (down -19.5%)
3. Silver (unwrought): $2.6 billion (down -59.1%)
4. Jewelry: $2.3 billion (up 141.8%)
5. Synthetic precious stones: $1.4 billion (down -18.1%)
6. Precious/semi-precious stones (unstrung): $1.2 billion (down -65.6%)
7. Platinum (unwrought): $297.8 million (down -81.1%)
8. Goldsmith/silversmith wares: $53.2 million (up 272.8%)
9. Precious stone dust, powder: $35.2 million (down -8.2%)
10. Other precious metal items: $32.9 million (up 136.3%)

Among these import subcategories, Indian purchases of goldsmith or silversmith wares (up 272.8%), jewelry (up 141.8%) then miscellaneous precious metal items (up 136.3%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported gems and precious metals among Indian businesses and consumers.

India’s Imports of Machinery Including Computers

In 2023, Indian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$9.4 billion (down -15.6% from 2022)
2. Turbo-jets: $3.8 billion (up 7.1%)
3. Miscellaneous machinery: $2.8 billion (up 30.2%)
4. Computer parts, accessories: $2.6 billion (down -8.9%)
5. Air or vacuum pumps: $2.6 billion (up 6.7%)
6. Taps, valves, similar appliances: $2 billion (up 8.2%)
7. Transmission shafts, gears, clutches: $1.8 billion (up 4.8%)
8. Printing machinery: $1.7 billion (up 6.8%)
9. Machinery parts: $1.7 billion (up 8.3%)
10. Centrifuges, filters and purifiers: $1.6 billion (up 5.6%)

Among these import subcategories, Indian purchases of miscellaneous machinery (up 30.2%), machinery parts (up 8.3%) then taps, valves and similar appliances (up 8.2%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Indian businesses and consumers.
 

 

See also India’s Top 10 Exports, India’s Top Trading Partners, Top Indian Trade Balances and India’s Top 10 Major Export Companies

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on June 23, 2024

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on June 23, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 23, 2024

International Trade Centre, Trade Map. Accessed on June 23, 2024