Based on the average exchange rate for 2021 on a Purchasing Power Parity basis, the Indian rupee dropped by -13.5% against the US dollar since 2017 but appreciated by 0.2% from 2020 to 2021 India’s weaker local currency since 2017 makes India’s imports paid for in stronger US dollars in 2021 relatively more expensive when converted starting from Indian rupees.
From a continental perspective, about three-fifths (60.6%) of India’s total imports by value in 2021 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 1.392 billion people, its total $570.4 billion spent on 2021 imports translates to roughly $410 in yearly product demand from every person living in the vast South Asian country. That dollar metric compares with an average $270 per capita for 2020.
India’s Top 10 Imports
The following product groups represent the highest dollar value in India’s import purchases during 2021. Also shown is the percentage share each product category represents in terms of overall imports into India.
- Mineral fuels including oil: US$170.4 billion (29.9% of total imports)
- Gems, precious metals: $88.3 billion (15.5%)
- Electrical machinery, equipment: $56.7 billion (9.9%)
- Machinery including computers: $48.4 billion (8.5%)
- Organic chemicals: $27.2 billion (4.8%)
- Plastics, plastic articles: $19.3 billion (3.4%)
- Animal/vegetable fats, oils, waxes: $17.5 billion (3.1%)
- Iron, steel: $11.7 billion (2%)
- Optical, technical, medical apparatus: $11.3 billion (2%)
- Inorganic chemicals: $9.6 billion (1.7%)
India’s top 10 imports accounted for just over four-fifths (80.7%) of the overall value of its product purchases from other countries.
Imported gems and precious metals posted the biggest percentage increase in value among India’s top 10 import categories, up 115.2% from 2020 to 2021. That percentage increase was propelled by India’s greater purchases of imported gold, diamonds and silver on international markets.
In second place were imports of animal or vegetable fats, oils and waxes (up 64.7%), mineral fuels including oil (up 63.3%) then plastics both as a material and items made from plastic (up 60.8%).
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 adjacent folder tabs labeled by product group.
India’s Imports of Mineral Fuels and Related Products
In 2021, Indian importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$106.4 billion (up 64.8% from 2020)
- Coal, solid fuels made from coal: $25.7 billion (up 62%)
- Petroleum gases: $24 billion (up 57.7%)
- Processed petroleum oils: $9.7 billion (up 65.4%)
- Petroleum oil residues: $2.4 billion (up 44.2%)
- Coal tar oils (high temperature distillation): $1 billion (up 169.1%)
- Coke, semi-coke: $896.9 million (up 43.5%)
- Petroleum jelly, mineral waxes: $152.6 million (up 50.4%)
- Distilled tar: $18.4 million (up 8279.5%)
- Tar pitch, coke: $18.3 million (up 29.3%)
Among these import subcategories, Indian purchases of distilled tar (up 8,280%), high-temperature distilled coal tar oils (up 169.1%) then processed petroleum oils (up 65.4%) grew at the fastest pace from 2020 to 2021.
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 Gems and Precious Metals
In 2021, Indian importers spent the most on the following 10 subcategories of gems and precious metals.
- Gold (unwrought): US$55.8 billion (up 154.5% from 2020)
- Diamonds (unmounted/unset): $26.3 billion (up 65.3%)
- Silver (unwrought): $2.1 billion (up 76.4%)
- Precious/semi-precious stones (unstrung): $1.7 billion (up 243.8%)
- Synthetic precious stones: $1.2 billion (up 121.2%)
- Jewelry: $576.5 million (up 66.9%)
- Platinum (unwrought): $557.5 million (up 7.2%)
- Precious stone dust, powder: $38.2 million (up 60.3%)
- Precious metal waste, scrap: $33.9 million (down -49.1%)
- Imitation jewelry: $27.8 million (up 39.4%)
Among these import subcategories, Indian purchases of unstrung precious or semi-precious stones (up 243.8%), gold (up 154.5%) then synthetic precious stones (up 121.2%) grew at the fastest pace from 2020 to 2021.
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.
India’s Imports of Electrical Products
In 2021, Indian importers spent the most on the following 10 subcategories of electrical items including consumer electronics.
- Phone devices including smartphones: US$13.2 billion (up 4.2% from 2020)
- Integrated circuits/microassemblies: $12.4 billion (up 47.2%)
- Solar power diodes/semi-conductors: $5 billion (up 130.9%)
- TV/radio/radar device parts: $2.9 billion (up 63.6%)
- Electrical converters/power units: $2.6 billion (up 36.4%)
- Electric storage batteries: $2.1 billion (up 48%)
- Lower-voltage switches, fuses: $2 billion (up 37.5%)
- TV receiver/transmit/digital cameras: $1.8 billion (down -5.5%)
- Microphones/headphones/amps: $1.2 billion (up 31.3%)
- Insulated wire/cable: $1.1 billion (up 32.3%)
Among these import subcategories, Indian purchases of solar power diodes or semi-conductors (up 130.9%), televion, radio and radar device parts (up 63.6%) then electric storage batteries (up 48%) grew at the fastest pace from 2020 to 2021.
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 Machinery Including Computers
In 2021, Indian importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$10.9 billion (up 49.6% from 2020)
- Turbo-jets: $2.5 billion (up 13.7%)
- Air or vacuum pumps: $2.1 billion (up 35.5%)
- Computer parts, accessories: $2.1 billion (up 47.3%)
- Miscellaneous machinery: $2 billion (up 16%)
- Taps, valves, similar appliances: $1.7 billion (up 34.3%)
- Machinery parts: $1.6 billion (up 53.1%)
- Transmission shafts, gears, clutches: $1.5 billion (up 52.9%)
- Centrifuges, filters and purifiers: $1.5 billion (up 29%)
- Piston engine parts: $1.3 billion (up 55.6%)
Among these import subcategories, Indian purchases of piston engine parts (up 55.6%), machinery parts (up 53.1%) then transmission shafts, gears and clutches (up 52.9%) grew at the fastest pace from 2020 to 2021.
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.
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 May 14, 2022
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 14, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 14, 2022
International Trade Centre, Trade Map. Accessed on May 14, 2022
