Main article: Economy of India
Import of oil, petroleum products, gas and coal
Main article: Import of oil, petroleum products, gas and coal in India
Export of computer equipment and IT services
Main article: Export of computer equipment and IT services from India
Trade with Russia
Main article: Trade between Russia and India
2024
Imports of solar panels from China
Russia is one of the three largest suppliers of coking coal to India
Russia rose to third place in the ranking of the largest suppliers of coking coal to India, second only to Australia and the United States. At the end of the financial year, which lasted in India from April 1, 2023 to March 31, 2024, approximately 6.4 million tons of coking coal were shipped to this country from the Russian Federation, which is 200% more than in the previous fiscal year. Such data are disclosed in the materials of the publication BusinessLine, published in mid-April 2024.
In general, imports of coking coal to India reached a 10-year high by the end of March 2024, which is explained by high demand from steel factories. Shipments climbed to 58 million tonnes, up 7% from the previous fiscal year, when shipments were estimated at about 54.3 million tonnes.
India is still among the largest importers of coking coal in the world, the study said. Australia retains a leading position in the supply of these products to the country, which from April 1, 2023 to March 31, 2024 shipped 34.2 million tons (59% of the total). In second place are the United States with supplies of about 8.4 million tons and a share of 14%. Russia, which closes the top three suppliers of coking coal to India, holds 12%. It is said that over the six-year period of the Russian Federation increased the supply of these products to India by 300%: for example, in 2019, shipments were estimated at 1.6 million tons.
The increase in Russia's share is facilitated by a memorandum signed in 2021 on the supply of 40 million tons of coal to India, as well as volatility in prices for Australian coal and higher discounts offered by suppliers from the Russian Federation. Against this background, Indian factories began reconfiguring their furnaces to ensure higher efficiency in the use of high-ash coal coming from Russia.[1]
2023
Arms export growth to $1.9 billion
The Indian Ministry of Defense reported on record military exports in the 2022-2023 financial year. In terms of new contracts, it reached $1.9 billion - $360 million more than last year and 10 times higher than in 2016-2017.
Although the local military department officially reports on shipments of products to 85 countries, Armenia became the main customer, which ensured the rapid growth of foreign supplies. Since 2020, she has signed contracts for the supply of a huge number of Indian weapons - from howitzers and MLRS to air defense systems and UAVs.
India bans import of computers and servers
On August 3, 2023, the General Directorate of Foreign Trade of India restricted the import of electronics and computer equipment into the country. The ban applies to laptops, desktops, tablets, servers and other equipment. These measures are designed to stimulate the local production of the listed products.
The new rules take effect immediately. Importers are required to apply for licenses that allow the import of computer equipment into the country. At the same time, exceptions are provided. A license is not required when transporting no more than one product from the list in personal luggage. In addition, it is allowed to import up to 20 pieces of such goods within one batch for research purposes: it is impossible to resell equipment in this case. Moreover, after conducting studies or tests, the devices must be re-exported or destroyed. The restrictions also do not apply to companies that use computer technology in their main activities.
Research firm Counterpoint estimates India's laptop and personal computer market at $8 billion a year, with two-thirds of all PCs imported. Thus, the ban imposed could hit companies such as Apple, Dell, Samsung, Acer, LG Electronics, Lenovo and HP very hard.
Prime Minister Narendra Modi's government is actively promoting local manufacturing and discouraging the import of high-tech products as part of a massive "Made in India" programme. The restrictive measures are expected to benefit Indian contract manufacturers such as Dixon Technologies. In addition, the ban will stimulate foreign companies to expand their own production facilities in the country. The restriction will also help India import equipment only from "trusted partners."[2]
4th place in terms of clothing exports to the United States
World's No. 1 rice exporter
In August 2023, India, the world's largest rice exporter, imposed additional supply restrictions, which is likely to further reduce the global supply of this staple.
The government has set a minimum price for basmati rice exports at $1,200 per tonne. India is also imposing a 20% tax on the sale of unpolished rice abroad.
US oil exports hit record highs
By April 2023, imports of petroleum products from India to the United States reached record levels.
Access to the first place in the supply of petroleum products to the EU due to cheap oil from Russia
Russian oil is still powering Europe's cars with India's help.
India imports a record amount of Russian crude oil, in April 2023 it will become the largest supplier of petroleum products to Europe.
10th in the world in terms of wheat exports
2022
G7 countries are the main export destination
The United States is the largest Indian export country
The world's largest rice exporter
2020: India - in the top ten exporters of wheat with an indicator of 7.0 million tons
2019: Impact of US President Trump's administration's trade restrictions
2015: Reduced trade with Pakistan
According to ITC, in 2015, exports from India to Pakistan amounted to $1.96 billion, compared to $2.17 billion in 2014 - the share of supplies to Pakistan in the total volume of Indian exports amounted to 0.74% and 0.68%, respectively. In 2015, India supplied mainly uncrewed cotton fiber ($506.014 million, or 25.8%) and cotton yarn ($109.895 million, or 5.6%) to the neighboring country.
India in 2015 reduced imports from Pakistan in price terms to $456.328 million compared to $529.855 million in 2014, although the share in total imports did not change - 0.12%. At the same time, Pakistan's share in Indian imports over the past 15 years has not exceeded 0.16%. In 2015, India purchased mainly oil and oil products from Pakistan ($113.837 million, or 24.9%) and fruits: dates, figs, pineapples, etc. ($93.825 million, or 20.6%)[3]
1700: Ban on UK imports of cotton fabrics from India, Iran and China
In 1700, the English parliament banned the import of cotton fabrics from India, Iran and China.
Notes
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