India’s Imports Down in Q1 of 2023 and Exports Up – Analysis Report

29 May 2023

Report Highlights

• India’s imports totaled USD 179430 million in 2023-Q1, down from USD 189201 million reported in the first quarter of 2022.
• India’s exports stood at USD 124845 million in 2022-Q1 and at USD 123832 million in 2023-Q1.
• China and the United States are the biggest trading parent of India.
• Mineral fuels and oils – top category of India’s imports and exports.

With the “Make in India” initiative, India is more focused on manufacturing goods and exporting to the international market. Also, the reduction in dependency on Chinese goods has also declined India’s imports. Still, China is the major trading partner of India, followed by the United States of America. Mineral fuels and oils are the top import and export category of India. Here is an analysis of India’s trade with a focus on imports and exports for 2022 and 2023.  

India’s Trade by Quarter

India imported goods worth USD 189201 million in Q1 of 2022, that dollar amount declined to USD 179430 million in Q1 of 2023. As far as exports are concerned, India shipped USD 124845 million worth of products in the first quarter of 2022, rose to USD 133832 million in the first quarter of 2023. Here is a data visualization of India’s trade.

India’s Top 10 Export Destinations

India’s major export partners are the United States of America, the United Arab Emirates, China, and the Netherlands. India exported goods worth USD 87598 million to the U.S. in 2022. In the first three months of 2023, India has exported products valued at USD 20936 million. Below given chart shows India’s top 10 export destinations with their values reported in 2022 and Q1 of 2023.

India’s Top 10 Exports by Commodity

Category-wise, India’s main export commodities are mineral fuels and oils, pearls & precious stones, machinery, mechanical appliances, etc., electrical machinery & equipment, and vehicles other than railway or tramway. Here is a complete list of India’s top 10 exports with their values recorded in 2022 and Q1 of 2023.

India’s Top 10 Import Partners

India is majorly dependent on imports of Chinese goods, however, it has started focusing on manufacturing goods. In 2022, India imported goods worth USD 126851 million from China, and USD 28796 million worth of goods were delivered in Q1 of 2023. Through graphics, analyze stats of India’s top 10 import partners.

India’s Top 10 Imports by Commodity

Mineral fuels and oils, pearls and precious stones, and electrical machinery and equipment are the largest import categories of India. Check the complete list of the top 10 imports with their values recorded in 2022 and Q1 of 2023.

India’s Trade Forecast by Quarter

As per the forecast, India’s imports are expected to increase in the latter months of 2023, but a slight decline in Q1 of 2024. However, exports will get fluctuated and may decline to USD 118820 million in the first quarter of 2024. See graphics for more analysis.

India’s economy is the fifth largest in the world. It is constantly showing resilience and growing above the pre-pandemic level of GDP growth during the post-pandemic and geo-political developments. India recovered significantly from -5.8% GDP growth in 2020 to 9.1% in 2021 and 6.8% in 2022 with a projected growth rate of 5.9% in 2023.