In recent years India has been viewed as a powerful competitor in global trade and is also a potential powerhouse of economic growth.

Tracking India’s import export Data can provide crucial data on the country’s economic performance and international partnerships.

After finding out in a study from the Ministry of Commerce.

India’s imports for 2022 were $626 billion with its exports totaling $499 billion

We’ll talk about India’s import and export statistics for 2022 in this post.

This will help us learn more about the country’s trade business.

This post will provide you with a full picture of India’s trade actions and how important resources are for the economy of the country.

India’s Trade Performance in 2022

India’s trade performance in 2022 has shown a good growth in both exports and imports registering as compared to the previous year.

The total value of India’s exports in the year 2022 was $499 billion with an increase of 18.6%

There are many factors that may affect the rise of exports one is obviously an increase in demand in the global market

As well as the change in India’s export basket to include new products and markets.

Petroleum products were the top export product with 17.2% of the total export value in 2022.

Diamonds, Pharmaceuticals products, chemicals, and engineering goods were among the top five export products with

The credit for growth in India’s exports can also be given to several government initiatives.

The government aims at promoting exports and increasing the value of Indian products in the global market.

These initiatives include the introduction of the Production Linked Incentive (PLI) scheme for various sectors the establishment of export promotion councils and the launch of the Agriculture Export Policy.

On the import front, India’s total import data in 2022 was $626 billion, representing an increase of 15.5%.

Crude oil stayed India’s top import product with 25.4% of the total import value in 2022.

India’s Top Export Products in 2022

Let us take a look at the products that were among the top exported products from India

Petroleum Products: Petroleum products were India’s top export product accounting for 17.2% of the total export value. India has made a mark as one of the major exporters in the global trade market. It also exports a range of petroleum products.

Precious Stones: India is one of the largest diamond exporters which is also well known for its cutting and polishing practices in the precious stones industry.

Pharmaceuticals: India is a huge exporter of pharmaceuticals products nearly 8 out of 20 global companies are from India. After the pandemic, it saw a boost in the graph

Chemicals: India exports both organic and inorganic chemicals. The Indian chemical industry is also one of the largest chemical industries in Asia known for its quality. India exports a range of chemicals including organic and inorganic chemicals, plastics, and dyes.

Engineering Goods: India exports engineering goods including machinery, electrical equipment, and auto components. India’s engineering industry is very famous for its best goods and affordable prices.

India’s Top Import Products in 2022

India’s top import products in 2022 were crude oil, gold, electronic goods, and coal.

Crude Oil: Crude oil is India’s top import product holding 25.4% of the total import value. Crude oil is a very important commodity that is needed to meet India’s daily energy needs as it has limited domestic reserves. The high prices of oil in the world market have caused India to have a trade imbalance.

Gold : In India, gold is very much in demand. Gold is a popular investment option in the country and is used in various religious and cultural ceremonies. The demand for gold makes India one of the largest importers worldwide

Electronic Goods: With advancements in technology nearly everyone is connected to the internet and with the increase in the internet comes the need for electronic gadgets like mobile phones and smart TV. The need for these goods leads to the import of these goods.

Coal: In India, many operations are done with the help of coal. Coal is used on a daily basis in India in many ways while making it one of the top importers.

Impact of COVID-19 on India’s Trade

The COVID-19 pandemic has had a great impact on India’s trade with the country’s exports and imports experiencing troubles due to lockdowns and supply chain disorders.

The government’s efforts to promote exports such as the launch of the ‘Atmanirbhar Bharat’ campaign have helped reduce the impact of the pandemic on the country’s trade.

Conclusion

The data on India’s imports and exports for 2022 is inspiring for the country’s economy as both sectors have grown since the previous year.India’s top export products show the nation’s strengths in these particular areas which is a positive sign.

High imports of oil and gold have proven to be harmful to the trade balance of India. It also shows the need for India to expand its exports and grow domestic production.

The country’s various range of export and import products is proof of its rich agriculture and manufacturing sectors.

A major change in India’s trade performance which promotes exporting over importing of goods can affect the country’s trade practices in a good way