India-Saudi Arabia Trade Up in 2022 – India’s Imports Get Doubled
06 June 2023
In light of shifting geopolitical circumstances, India
and Saudi Arabia are making efforts to strengthen their economic ties. Given
that Saudi Arabia is currently India’s fourth-largest trading partner.
Moreover, Saudi Arabia has expressed keen interest in India’s energy sector and
both countries intend to expand their bilateral investments. In 2022, the trade
between India and Saudi Arabia has increased and reached USD 67 billion mark.
How Much Trade Between India & Saudi
Arabia Recorded in 2022?
India and Saudi Arabia enjoy cordial and friendly
relations reflecting old economic and socio-cultural ties. India’s imports from
Saudi Arabia doubled in 2022 and exports to Saudi Arabia also increased. India
imported USD 57,142 million worth of goods from Saudi Arabia last year, while
exports to Saudi Arabia totaled USD 9,943 million.
What were the yearly trends of India’s trade with Saudi Arabia? From 2017 to 2022, the year 2020 saw a drastic decline in India’s imports from Saudi Arabia, mainly due to the Covid-19 pandemic lockdown and trade disturbance. However, India’s exports to Saudi Arabia have increased in the past years. See data visualization of India’s trade with Saudi Arabia.
|
Year |
India’s Imports from
Saudi Arabia (Value USD Million) |
India’s Exports to Saudi
Arabia (Value USD Million) |
|
2017 |
21,977 |
5,218 |
|
2018 |
28,523 |
5,501 |
|
2019 |
27,000 |
5,974 |
|
2020 |
17,723 |
6,154 |
|
2021 |
27,689 |
8,245 |
|
2022 |
57,142 |
9,943 |
India-Saudi Arabia Trade – Top
Industries
Major imports to India from Saudi Arabia include –
mineral fuels and oils, fertilisers, organic chemicals, plastics &
articles, inorganic chemicals, miscellaneous chemical products, and aluminum
& articles.
India’s top exports to Saudi Arabia include – mineral
fuels and oils, cereals, vehicles other than tramways or railways, organic
chemicals, machinery, mechanical appliances, etc., and electrical machinery
& equipment.
Here is a list of India’s top 10 imports from Saudi Arabia and exports to Saudi Arabia with their values reported in 2022.
|
Chapter |
India’s Imports from
Saudi Arabia (Value USD Million) |
Chapter |
India’s Exports to Saudi
Arabia (Value USD Million) |
|
Mineral Fuels & Oils (HS Code 27) |
46,708 (81% Share of Total Imports) |
Mineral Fuels & Oils (HS Code 27) |
1,238 (12% Share of Total Exports) |
|
Fertilisers (HS Code 31) |
2,618 (5% Share of
Total Imports) |
Cereals (HS Code 10) |
1,206 (12% Share of
Total Exports) |
|
Organic Chemicals (HS Code 29) |
2,596 (5% Share of Total Imports) |
Vehicles Other Than Railway or Tramway (HS Code 87) |
1,032 (10% Share of Total Exports) |
|
Plastics & Articles (HS Code 39) |
1,861 (3% Share of
Total Imports) |
Organic Chemicals (HS
Code 29) |
929 (9% Share of
Total Exports) |
|
Inorganic Chemicals (HS Code 28) |
925 (1% Share of Total Imports) |
Machinery, Mechanical Appliances, etc. (HS Code 84) |
626 (6% Share of Total Exports) |
|
Miscellaneous Chemical Products (HS Code 38) |
659 (1% Share of
Total Imports) |
Electrical Machinery
& Equipment (HS Code 85) |
514 (5% Share of
Total Exports) |
|
Aluminium & Articles (HS Code 76) |
467 (1% Share of Total Imports) |
Sugars & Sugar Confectionery (HS Code 17) |
386 (3% Share of Total Exports) |
|
Aircraft, Spacecraft & Parts (HS Code 88)
|
372 (1% Share of
Total Imports) |
Iron & Steel (HS
Code 72) |
315 (3% Share of
Total Exports) |
|
Copper & Articles (HS Code 74) |
245 (1% Share of Total Imports) |
Articles of Iron & Steel (HS Code 73) |
269 (2% Share of Total Exports) |
|
Pearls & Precious Stones (HS Code 71) |
197 (1% Share of
Total Imports) |
Knitted or Crocheted
Apparel & Clothing (HS Code 61) |
259 (2% Share of
Total Exports) |
Quick Facts About India-Saudi
Arabia Trade
·
Saudi
Arabia is India’s 12th export partner, and 5th import
partner.
·
More
than 18% of India’s crude oil imports are sourced from Saudi Arabia.
·
Saudi
Arabia plays an important role in India’s energy security while India is a vital
partner in Saudi Arabia’s food security.
·
In
2021-22, Saudi Arabia was the second-largest source of hydrocarbon imports for
India.
India and Saudi Arabia hold bilateral engagements in
sectors like science & technology, security, strategy, investments,
defence, trade, and energy. The two countries are now at full potential to
boost bilateral and maintain their strong business relations.
