Going by the data from reliable sources, India’s exports is now said to be valued around 22.5 million (June 2016). The country’s exports grew 1.27% year-on-year in June 2016. A significant development for the Asian nation which has been struggling with a decline in exports for the last 19 months. So what were the top export items of India in 2015-16?
- Petroleum oils and oils obtained from bituminous minerals, other than crude was the leading export item from India with Singapore being the largest importer. Export of which earned India USD 111,587,209.18.
- Medicaments are the second top export item from India. It generated the Asian nation a revenue of USD 318,043,442.83. America was the largest importer of medicaments from India.
- Rice, an Indian favourite finds it place in the list of top export items from India as it brought the nation USD 49,360,761.37 in revenue. Iran as per data was the largest importer of rice from India.
- Motor cars worth USD 135,733,549.71 was exported by India in June 2016. The leading export market for Indian cars was Mexico.
- India’s growing export of meat has been scrutinised greatly. The nation which frowns upon the consumption of beef went on to emerge as a top beef exporter. Meat of bovine animals, frozen worth USD 125,914,336.44 was exported. Vietnam emerged as a top export market for Indian meat.
Imports to India has also been on the decline. The fall was around 7.3% in June of 2016. The reasons were attributed to a fall in oil and non-oil purchases by 16.4% and 4.1, respectively. Let’s take a look at the top 5 import items of India:
- India imported petroleum oils and oils obtained from bituminous minerals crude worth USD 1,368,114,255.53 making it India’s top export. Saudi Arabia continues to be the Asian nation’s top supplier.
- Gold, another Indian household favourite is the second largest import item of India. India imported gold worth USD 637,429,022.77 in 2015-16. Switzerland is the largest supplier of gold to India.
- Petroleum gases and other gaseous hydrocarbons valued at USD 338,889,004.47 was imported by India, largely from Qatar.
- Belgium was the biggest supplier of diamonds to India. Diamond imports cost India USD 3,179,262.36.
- Telephone sets are the fifth largest import item of India and are largely sourced from China. The Asian nation is said to have imported telephone sets worth USD 887,356,474.66 in 2015-16.