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
Development of the transport corridor to Central Asia through Iran
While the countries of Central Asia (CA) are breaking through logistics routes through Afghanistan to, Pakistan India through Iran Turkmenistan and laying their own route. The first 20 containers have already arrived in Uzbekistan, as reported by Turkmen railway workers in August 2024. At the same time, this route only partially uses the infrastructure of the North-South MTK.
The corridor from India to the CA also became one of the topics at the meeting of the foreign ministers of all five countries on August 28-29 in New Delhi - this is the first meeting in a similar format.
New Delhi's intentions are clear: it does not want to depend either on an unstable Afghanistan or on an old geopolitical rival in the person of Islamabad, at the same time getting the opportunity to cause trouble to Beijing.
Iran finds itself at the crossroads of several trade routes at once, while against the port of Chabahar, where Indian cargo is delivered, Washington does not even impose sanctions, not wanting to repel New Delhi from itself.
For Russia, this is a project with a rather contradictory effect that requires careful analysis and skillful diplomacy, wrote Rybar. Because on the one hand, it creates opportunities to balance Chinese influence in the region, growing as the Belt and Road Initiative is implemented.
On the other hand, this corridor fulfills the task set in Washington a month ago - to make Central Asia less dependent on Russia and China by providing it with an alternative trade route.
Imports of solar panels from China
2023
How India is taking China's share of electronics exports
India takes China from the market share in the export sector. electronic engineers This trend is most noticeable in and, USA Britain where geopolitical tensions in relations with the PRC are growing. This is stated in a study by the London company Fathom Financial Consulting, the results of which were published at the end of February 2024.
According to Bloomberg, citing the released data, as of the end of 2023, electronics exports from India to the United States in terms of a share of China's exports increased to 7.65%. In other words, if, for example, 100 tons of electronics were shipped from the PRC, then 7.65 tons from India. For comparison: a year earlier, this figure was 3.78%, and at the end of 2021 - 2.51%. In Britain, the value reached 10% at the end of 2023 against 7.14% in 2022 and 4.79% at the end of 2021. Exports of Zindian electronics are also growing to other countries, notably Australia, Canada and New Zealand.
The study says the Indian government is engaging electronics manufacturers in the country through stimulus measures such as tax cuts, easier land acquisition, etc. The goal is to expand the capacity of the manufacturing sector in the country and increase exports, thereby strengthening the position in the global market.
India is home to Samsung Electronics, the largest cell phone factory, while Apple produces at least 7% of the total iPhone in that country through its contract manufacturers Foxconn Technology Group and Pegatron. It is estimated that by the end of 2023, electronics exports from India in terms of a share of China's exports amounted to 3.52% globally. Indian Prime Minister Narendra Modi in February 2024 announced plans to strengthen the country's international position.[1]
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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