India’s Imports of Goods from Latin American Countries in 2019

18 August 2020
India Import Data

India’s imports from Latin America valued USD 21,446 million in 2019, which declined from 2018’s USD 26,170 million. According to Export Genius, India imported goods mostly from Venezuela in the Latin America last year. India’s top imports from Latin America in 2019 were mineral fuels & oils, pearls & precious stones, animal or vegetable fats & oils and ores, slag & ash. Let’s have a cleat perspective of India’s imports from Latin America from India shipment data and market intelligence information.


How Much Goods India Imported from Latin America in Last 10 Years?


According to India import data, India’s imports from Latin America have been increasing since 2010. The highest value of shipments arrived in India from Latin American countries recorded 2014 and 2013. From 2010 to 2014, India’s imports from Latin America rose, after which the value declined in 2015 and 2016. The years 2017 and 2018 recorded an increase in the value of shipments. Below given table and chart shows dollar amount of commodities which India imported from Latin American countries in the last 10 years.


Year

Value USD Million

2010

13,560

2011

16,759

2012

27,673

2013

33,311

2014

33,567

2015

21,676

2016

18,205

2017

23,635

2018

26,170

2019

21,446

 


Top 10 Import Commodities of India from Latin American Countries


India customs data shows that India imported mineral fuels and oils at 2-digit level HS Code the most from the Latin American countries in 2019. India imported mineral fuels & oils worth USD 10,959 million from suppliers in Latin America. Other major commodities imported by India from countries in Latin America were pearls & precious stones, animal or vegetable fats & oils, ores, slag & ash and electrical machinery & equipment. Below given chart & table shows dollar amount of top 10 imports of India from Latin America.


Product Category

Value USD Million

Mineral Fuels & Oils

10,959

Pearls and Precious Stones

3,927

Animal or Vegetable Fats & Oils

2,022

Ores, Slag & Ash

1,097

Electrical Machinery & Equipment

434

Wood and Articles

355

Machinery

349

Sugars and Sugar Confectionery

256

Iron and Steel

226

Plastics

173

 


India’s Major Import Sources in Latin America


According to India import statistics, India imported goods the most worth USD 6,060 million from Venezuela in Latin America during 2019. Other major import sources of India in Latin America were Mexico, Brazil, Argentina and Peru in the said year. Below given chart and table shows dollar amount of these countries.


Country

Value USD Million

Venezuela

6,060

Mexico

4,300

Brazil

3,070

Argentina

2,330

Peru

1,580

 


Latin America, the region of 19 countries, has a total population of 600 million and GDP of 5.6 trillion dollars. As this time is crucial for global economies due to coronavirus pandemic, which originated from China’s Wuhan city; Latin American countries are trying to reduce their trade with China. Their focus are now more on India and other Asian countries.

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