The import export business in India is growing day by day and many states of India are exporting huge amounts of items that are contributing to the GDP of India.
Import and especially export are a valuable part of any country’s business and by exporting quality and quantity products, every country earns a lot.
India is one of the countries that has been exporting many products and raw materials to other countries to earn billions of dollars.
Some of the best exports from Maharashtra or Gujarat or any other state of India contribute greatly to our economy.
If you are planning to start your import export business, then you should definitely read this blog post as we have covered exporting products from India that are most profitable to export from India to other countries like UAE, Australia, Iran, Saudi Arabia, USA, UK, Malaysia, and many more.
As India is located near highly populated trading partners including China, Pakistan and Bangladesh, we have shipped US$322.8 billion worth of goods around the globe in 2019, which is a 22.3% gain from 2018 to 2019.
India’s weaker currency makes Indian export paid for in stronger US dollars relatively less expensive for international buyers.
Just think about 10 years ago and it was difficult to find Indian things in other countries as compared to today.
If you go today to the U.S., for example, you will find quality Indian handicrafts, pooja items, or Indian grocery quite easily.
The whooping numbers of Indian export items also indicate that Indian companies can easily reach American shores with their exclusive and unique products.
Technology has made the world grow bigger while also making it shrunk as we can have everything that we want to with the latest technologies.
If you just look at the emerging numbers of the Office of the US Trade Representative (USTR), you will get an idea of how huge the Indian export business is.
According to Economic Survey 2019-20; Petroleum products are the biggest exporting item from India.
Moreover, petroleum products account for a 14% share of total Indian exports followed by precious stones with 7.87%.
Here Are The Top 10 Best Indian Export Products
- Petroleum Products
Petroleum products hold the number one position when it comes to the Indian Export business.
The value of export petroleum products is around 61.2 billion dollars.
Giant and oil-based companies such as Hindustan Petroleum Corporation Limited, Bharat Petroleum, Reliance Petroleum, ONGC and et al have contributed significantly to the export sector of India.
Nonetheless, India is hugely dependent on oil imports, the export of oil-based products has contributed to the economy of India to a great extent.
Another most export of India is Jewellery. It holds around 41.2 billion dollar’s value.
The term jewellery is inclusive of gold, gemstones and other similar materials.
India consumes around one-fifth of the global gold production and 75 percent of that amount goes into making jewellery.
With the support of banks and friendly government policies supports the jewellery sectors and contributes to the rise and growth of jewellery export.
India exports around 30 per cent of jewellery to the United States alone and other countries are inclusive of Hong Kong, UAE, Singapore and Belgium.
Automobiles are the third most significant export sector of India. It shares around 14.5 billion dollars of value in the market.
Automobiles are one of the fastest-growing export sectors in India with around 17% of rising each year.
Moreover, being one of the leading steel producers in the world, India invests largely in the automobile sector and it’s exports.
- Machinery –
Machinery is another huge Indian export sector. It holds the value of around 13.6 billion dollars in the market.
The machinery sector grows by 10.5% each year in the export of heavy machinery from India.
This heavy machinery is inclusive of cars, pumps, heavy machines, building construction tools, agricultural equipment and so on.
Bio-chemicals hold around a value of 12 billion dollars in the current market.
Bio-chemical manufacturing is nationwide and a huge business in India.
Manufacturing of bio-chemicals contributes hugely to the Indian economy and it is an essential part of the national economy.
Along with manufacturers and exporters, research facilities have also supported the export of bio-chemicals to a great extent.
Pharmaceuticals is another major Indian export sector.
Pharmaceutical export holds around 11.7 billion dollars in value in the current market.
As pharmaceuticals are greatly dependent on research, it has seen huge growth over the past few decades.
Some of the well-known pharma industries like J. B. Chemicals and Pharmaceuticals Limited, Suven Life Sciences Limited, Dr Reddy’s Laboratories, Aurobindo Pharma, Lupin, Ranbaxy, Sun Pharma, Zydus Cadila, Glowchem and Calyx play a huge role in promoting the sector to the world market.
India is one of the leading exporters of cereals with a value of 10.1 billion dollars and India is also the second-largest producer of rice.
As India is an agriculture-driven country, it largely depends on its production of cereals and so does the importer countries such as Iran, Saudi Arabia, Indonesia, UAE and Bangladesh.
- Iron and Steel
India is the fourth-largest steel producer in the world with a value of 9 billion dollars.
After the independence of India, it has changed its position from an importer to an exporter as the country has seen major industrial growth.
Well-known steel tycoons such as TISCO, IISCO, Bhilai Iron and Steel Centre, and Visweswaraya Iron And Steel Limited play a major role in the iron and steel export from India.
The world is a fan of Indian ethnic wear and its handicraft work.
Indian textile export industry holds the value of 9 billion dollars and it is India’s trump card when it comes to export.
India holds almost the third fourth of the global market share in textile and garments.
Last but not least is electronics. Indian electronic export holds a value of 9 billion dollars in the market.
Though it seems like India is an importer of electronic equipment, the case is totally the opposite.
Indian electronic exporting thrives silently on a large scale. India has the third-largest pool of electronic scientists and engineers.
Additionally, the domestic demand for electronic goods propels the industry to grow faster and stronger, making export all the more important.
Would you like to get the latest update about the Indian Import Export business? Subscribe