Year over year, that estimated dollar amount reflects a -23.5% reduction from $570.4 billion in 2021.
Based on the average exchange rate for 2022 on a Purchasing Power Parity basis, the Indian rupee dropped by -14.9% against the US dollar since 2018 and depreciated by -6.3% from 2021 to 2022 India’s weaker local currency makes India’s imports paid for in stronger US dollars in 2022 relatively more expensive when converted starting from Indian rupees.
India’s Main International Suppliers
The latest available country-specific data is from 2021. Those statistics show that 70.8% of products imported into India were supplied by exporters in: mainland China (35.6% of the Indian total), United Arab Emirates (7.5%), United States of America (5.2%), Switzerland (5.1%), Saudi Arabia (4%), Iraq (2.8%), Hong Kong (2.7%), Singapore (2.2%), South Korea (also 2.2%), Indonesia (1.8%), Australia (1.7%) and Japan (1.3%).
From a continental perspective, about three-fifths (60.6%) of India’s total imports by value in 2022 were furnished by exporters located in fellow Asian countries. European trade partners supplied 16.8% of import purchased by India while 8.5% worth originated from North America. Another 7.8% coming from exporters in Africa.
Smaller percentages arrived in India from Latin America (3.5%) excluding Mexico but including the Caribbean, and Oceania (2.8%) led by Australia.
Given India’s population of 1.423 billion people, its total $436.3 billion spent on 2022 imports translates to roughly $310 in yearly product demand from every person living in the vast South Asian country. That dollar metric falls below the average $410 per capita for 2021.
India’s Top 10 Imports
The following product groups represent the highest dollar value in India’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into India.
- Electrical machinery, equipment: US$68.7 billion (15.7% of total imports)
- Mineral fuels including oil: $65.1 billion (14.9%)
- Machinery including computers: $50.2 billion (11.5%)
- Gems, precious metals: $47.3 billion (10.9%)
- Organic chemicals: $23.4 billion (5.4%)
- Animal/vegetable fats, oils, waxes: $18.2 billion (4.2%)
- Plastics, plastic articles: $17.3 billion (4%)
- Iron, steel: $14.7 billion (3.4%)
- Optical, technical, medical apparatus: $11.5 billion (2.6%)
- Aircraft, spacecraft: $8.4 billion (1.9%)
India’s top 10 imports accounted for almost three-quarters (74.5%) of the overall value of its product purchases from other countries.
Imported aircraft and spacecraft recorded the biggest percentage increase in spending among India’s top 10 import categories, up 867.2% from 2021 to 2022.
In second place were Indian imports of iron and steel metals (up 26.1%).
The only other product category to post a double-digit gain was for purchases of electrical machinery and equipment, up 21.1% from 2021.
Incurring the severest year-over-year reduction was for imports of mineral fuels including oil, dropping -61.8%.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
For a more detailed view of imported goods at the four-digit HTS code level, see the sections below.
India’s Imports of Electrical Products
In 2022, Indian importers spent the most on the following 10 subcategories of electrical items including consumer electronics.
- Integrated circuits/microassemblies: US$16.6 billion (up 33.6% from 2021)
- Phone devices including smartphones: $12.7 billion (down -3.9%)
- Solar power diodes/semi-conductors: $5.2 billion (up 2.8%)
- Recorded media including records, tapes: $4.5 billion (2021 data unavailable)
- TV/radio/radar device parts: $3.3 billion (up 10.9%)
- Electric storage batteries: $3.1 billion (up 50.9%)
- Electrical converters/power units: $2.8 billion (up 8.1%)
- Lower-voltage switches, fuses: $2.4 billion (up 21.3%)
- Microphones/headphones/amps: $1.3 billion (up 9.2%)
- Insulated wire/cable: $1.3 billion (up 17.5%)
Among these import subcategories, Indian purchases of electric storage batteries (up 50.9%), integrated circuits and microassemblies (up 33.6%), then lower-voltage switches and fuses (up 21.3%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported organic chemicals among Indian businesses and consumers.
India’s Imports of Mineral Fuels and Related Products
In 2022, Indian importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Coal, solid fuels made from coal: US$30.1 billion (up 16.9% from 2021)
- Crude oil: $25.3 billion (down -76.3%)
- Processed petroleum oils: $2.9 billion (down -70.3%)
- Petroleum gases: $2.2 billion (down -90.8%)
- Coke, semi-coke: $2 billion (up 122.6%)
- Petroleum oil residues: $1.3 billion (down -43.3%)
- Coal tar oils (high temperature distillation): $1.1 billion (up 5.8%)
- Asphalt/petroleum bitumen mixes: $118.5 million (up 4,943%)
- Petroleum jelly, mineral waxes: $92.3 million (down -39.5%)
- Lignite: $21.4 million (up 15,556%)
Among these import subcategories, Indian purchases of lignite (up 15,556%), asphalt or petroleum bitumen mixes (up 4,943%) then coke or semi-coke (up 122.6%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imports related to mineral fuels among Indian businesses and consumers.
India’s Imports of Machinery Including Computers
In 2022, Indian importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$10.5 billion (down -3.8% from 2021)
- Turbo-jets: $2.3 billion (down -7.5%)
- Air or vacuum pumps: $2.3 billion (up 6.7%)
- Computer parts, accessories: $2.1 billion (up 0.7%)
- Miscellaneous machinery: $2 billion (up 0.7%)
- Taps, valves, similar appliances: $1.9 billion (up 14.8%)
- Transmission shafts, gears, clutches: $1.7 billion (up 14.6%)
- Piston engine parts: $1.5 billion (up 12.5%)
- Printing machinery: $1.4 billion (up 12%)
- Ball, roller bearings: $1.3 billion (up 1.6%)
Among these import subcategories, Indian purchases of taps, valves, similar appliances (up 14.8%), transmission shafts, gears and clutches (up 14.6%), then piston engine parts (up 12.5%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Indian businesses and consumers.
India’s Imports of Gems and Precious Metals
In 2022, Indian importers spent the most on the following 10 subcategories of gems and precious metals.
- Gold (unwrought): US$22.6 billion (down -59.4% from 2021)
- Diamonds (unmounted/unset): $13.2 billion (down -50%)
- Silver (unwrought): $5.8 billion (up 175.5%)
- Precious/semi-precious stones (unstrung): $3 billion (up 79.3%)
- Synthetic precious stones: $1.3 billion (up 3.9%)
- Jewelry: $713.4 million (up 23.8%)
- Platinum (unwrought): $359.1 million (down -35.6%)
- Imitation jewelry: $116.6 million (up 319.5%)
- Precious metal waste, scrap: $50.5 million (up 49.1%)
- Precious stone dust, powder: $39 million (up 2.1%)
Among these import subcategories, Indian purchases of imitation jewelry (up 319.5%), unwrought silver (up 175.5%), then precious or semi-precious unstrung stones (up 79.3%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported gems and precious metals among Indian businesses and consumers.
See also India’s Top 10 Exports, India’s Top Trading Partners, Top Indian Trade Balances and India’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on June 12, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on June 12, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 12, 2023
International Trade Centre, Trade Map. Accessed on June 12, 2023