3. Import
An import is a good brought into a jurisdiction,
especially across a national border, from an
external source.
The import sector of Indian economy is one of
the most important sector of India's economic
health. Imports in India increased to 39956.20
USD Million in July of 2014 from 38243 USD Million
in June of 2014.
The 2 commodities that India is highly
dependent on from foreign imports are mineral
fuels and oils & pearls and precious and semi-precious
stones. Other products include nuclear
and electrical equipment, machinery, organic
chemicals, plastics & iron and steel.
4. Top Import Sources
India's top import source is China followed by the
UAE, Switzerland and Saudi Arabia. The UK came in
at 21st place in 2011-12 with India importing a total
of $7.7bn. In the six months recorded so far for 2012-
13, the UK has dropped a place and has a 1.4%
share of the India's import sources.
The table below shows India's imports and exports
by country including the share.
5. Top ten exporters to India
Country 2012-2013 (Apr- Sep) %Share (2012-2013 (Apr- Sep)
CHINA 28025.57 11.92
UAE 19622.81 8.35
SAUDI ARABIA 16094.83 6.85
USA 12208.05 5.19
SWITZERLAND 10779.45 4.59
IRAQ 9803.79 4.17
QATAR 8144.45 3.47
KUWAIT 8134.73 3.46
GERMANY 7154.41 3.04
INDONESIA 6944.86 2.95
6. Top Imports
1. CRUDE OIL-
India overtook Japan to become the
THIRD LARGEST crude oil importer in the
World.
India imported 3.86 million barrels-per-day
of crude oil in the year 2013.
India's crude oil imports were nearly 6
percent higher than Japan's .
India is diversifying its crude purchases,
tapping nations like
Brazil, Columbia and Venezuela in the
Latin America for supplies.
Crude petroleum is India's biggest
import with $155bn spent on it in 2012
7. Top Imports
2. GOLD-
Relaxation in curbs on gold imports by the new
government and decrease in premium on gold have led
to highest gold imports in the state in last 13 months.
According to latest figures, 14.33 metric tonnes (MT) of
gold were imported in June 2014 compared to 3.74 MT
in the same period in 2013, recording growth of 74%.
8. Top Imports
3. ELECTRONICS-
During 3-Aug-2014 to 3-Sep-2014, India imported
electronic component worth USD 515,142.
JNPT accounted for 52% of Import followed by Bombay
Air and Delhi Air which account for 20% and 15% of
imports respectively.
Average value per shipment of electronic component
imports in India is USD 46,831.
Currently, 65 per cent of demand for electronic
products is met by imports in the country.
9. Top Imports
4. COAL-
Import of coal is practically rising every month and
every year, and it is likely to remain so as domestic
production is not enough to meet demand.
Imports of thermal coal, used in power generation,
are expected to surge 11% to 150 million tonnes this
fiscal year.
Of the total imports in July, thermal coal accounted
for 14.5 million tonnes,based on monitoring of vessels’
positions and figures from shipping companies.
12. Export
Export is the shipping of goods and services out of the port of a country.
India’s main export partners are United Arab Emirates (12 percent of total
exports) and United States (11 percent). Others include: China,
Singapore, Hong Kong and Netherlands.
Major export items of India :
Live animals, milk products
Wheat, rice, coffee, tea, spices, cumin seed, tamarind powder,
sesame seed, sugar, henna, herbal extract, medicines, fertilizers,
chemicals, salt
iron ores, minerals
books, leather products, textile, dyes and pigments, home furnishing,
footwear, brass items, Aluminium items, sanitary wear, ceramic
glassware, flanges, fittings, embroidered and Zari items
pipe and pipe fittings, handicraft, cables, medical disposables,
laboratory equipments, surgical equipments, sports goods, wooden
furniture and various other engineering and electrical products
13. Top Exports
1. AGRICULTURE:
Export of Plantation crops during 2011-12(April–October),
increased by 39.29 per cent in US $ terms
Export of Coffee registered a growth of 77.50 per
cent.Export of Tea also increased by 9.34 per cent.
During 2011-12,exports of commodities like Cereals,
Pulses, Tobacco, Spices, Nuts and Seeds, etc. registered
an increase from US $ 8165.03 million to US $ 13300.63
million during the current year.
14. Top Exports
2. Ores and Minerals
Exports of Ores and Minerals were estimated at US $
4700.29 million during 2011-12 (April-October) registering
a negative growth of 8.32 per cent over the same
period of the previous year. Other ores & minerals 78.37
per cent and Mica has registered a growth of 5.74 per
cent, respectively.
3. Leather and Leather Manufactures
Export of Leather and Leather Manufactures recorded a
growth of 27.64%,increasing the value of exports to US $
2704.51 million.Leather Footwear also registered a
growth of 24.55%.
15. Top Exports
4. Gems and Jewellery
The export of Gems and Jewellery during 2011-12
increased to US $ 27664.09 million from US $ 16770.33
million, showing a growth of 64.96%
5. Chemicals and Related Products
During the period 2011-12,the value of exports of
Chemicals and Allied Products increased to US $
21977.24 million, showing growth of 35.02%. Rubber,
Glass & Other Products, Residual Chemicals & Allied
Products, Basic Chemicals, Pharmaceuticals &
Cosmetics and Plastic & Linoleum have also registered a
positive growth.
16. Top Exports
6. Textiles
During the period 2011-12 the value of Textiles
exports was estimated at US $ 15101.96 million
recording a growth of 25.98%.The export of
Readymade Garments registered a growth of
28.60%, Cotton yarn/Fabrics/Made-ups etc.
registered a growth of 23.06%, Wool and Woollen
manufactures 54.21%, Coir and coir manufactures
38.85%, Manmade Textiles & Made Ups has shown a
growth of 30.25%,
19. NEW GOVERNMENT POLICIES
The new Foreign trade Policy will focus on ways to boost
India’s exports and reduce dependence on imports.
Therefore, the focus of the new policy would be to
vigorously promote both exports and imports with
significantly substantial focus on exports.
Old procedures and regulations governing exporters will be
trimmed and pruned to suit the export requirements of the
modern times so that the realistic targets are made
achievable.
It would be the attempt of the policy makers to take
India’s share in global trade to over 5 per cent from current
level of 2 per cent in the next five year period.
On the pharmacy sector, the new government will make
sure that the domestic industry gets a fair deal in other
countries.
20. Examples of Policies
1. EXIM POLICY
The main objective of the Exim Policy is:
To accelerate the economy from low level of economic
activities to high level of economic activities by making it a
globally oriented vibrant economy and to derive maximum
benefits from expanding global market opportunities.
To stimulate sustained economic growth by providing access to
essential raw materials, intermediates, components,'
consumables and capital goods required for augmenting
production.
To enhance the techno local strength and efficiency of Indian
agriculture, industry and services, thereby, improving their
competitiveness.
To generate new employment.
Opportunities and encourage the attainment of internationally
21. Examples of
Policies
2. Export Incentives
The Government of India has framed several schemes to
promote exports and to obtain foreign exchange. These
schemes grants incentive and other benefits. The few
important export incentives, from the point of view of
indirect taxes are briefed below:
3. Free Trade Zones (FTZ)
No excise duties are payable on goods manufactured in
these zones provided they are made for export purpose.
23. India Trade Promotion
Organization
India Trade Promotion Organisation (ITPO),
headquartered at Pragati Maidan, is the nodal
agency of the Government of India for promoting
country's external trade. It’s promotional tools
include organizing of fairs and exhibitions in India
and abroad, Buyer-Seller Meets, Contact Promotion
Programmes, Product Promotion Programmes, etc.
24. ITPO
The main activities of the ITPO include:
Timely and efficient services to overseas buyers in vendor identification,
drawing itineraries, fixing appointments and even accompanying them
where required.
Establishing durable contacts between Indian suppliers and overseas
buyers.
Assisting Indian companies in product development and adaptation to
meet buyers' requirements.
Organising Buyer-Seller Meets and other exclusive India shows with a view
to bringing buyers and sellers together.
Organising India Promotions with department stores and Mail Order
Houses abroad.
Participating in overseas trade fairs and exhibitions.
Arranging product displays for visiting overseas buyers.
Organising seminars/conferences/workshops on trade-related subjects
Encouraging small and medium scale units in export promotion efforts.
Conducting in-house and need-based research on trade and export
promotion.
25. EXIM Bank
Export-Import Bank of India is the premier export
finance institution in India, established in 1982 under
the Export-Import Bank of India Act 1981. Since its
inception, Exim Bank of India has been both a
catalyst and a key player in the promotion of cross
border trade and investment.
26. EXIM Bank
The objectives of EXIM Bank include:
1. To ensure and integrated and co-ordinated approach in
solving the allied problems encountered by exporters in India.
2. To pay specific attention to the exports of capital goods;
3. Export projection
4. To facilitate and encourage joint ventures and export of
technical services and international and merchant banking;
5. To extend buyers’ credit and lines of credit;
6. To tap domestic and foreign markets for resources for
undertaking development and FINANCIAL activities in the
export sector.
