In recent years, India has become synonymous with trade potential and the rise of a formidable economy. It is a major player in the global import export market, and its trade data for 2022 provides insight into the country's economic performance and its relationships with other countries. According to the Ministry of Commerce and Industry, India's total imports in 2022 were valued at $491.5 billion, while its total exports were valued at $314.4 billion. This resulted in a trade deficit of $177.1 billion.

Oil imports

One of the key trends in India's import export trade data for 2022 is the country's reliance on imported oil. India is the third-largest importer of oil in the world, and its oil imports in 2022 were valued at $97.9 billion, accounting for 20% of the country's total imports. The United States was the largest supplier of oil to India in 2022, followed by Saudi Arabia and Iraq.

Precious metals

India's imports of gold and silver also played a significant role in the country's trade data for 2022. These imports were valued at $35.9 billion, making them the second-largest category of imports after oil. India is one of the world's largest consumers of gold, and the country's imports of the precious metal are driven by demand for jewelry and other uses.

Top export commodities

In terms of exports, India's top export categories in 2022 were engineering goods, petroleum products, and textiles. These three categories together accounted for more than 50% of India's total exports, with engineering goods being the largest export category at $71.4 billion. Other significant export categories for India in 2022 included pharmaceuticals, gems and jewelry, and chemicals.

The countries India trades with

Looking at India's trade relationships with other countries, the United States was the country's largest trading partner in 2022, with India exporting $29.2 billion worth of goods to the United States and importing $25.7 billion. China was India's second-largest trading partner, with exports to China valued at $16.5 billion and imports from China valued at $70.2 billion. Other major trading partners for India in 2022 included the United Arab Emirates, Hong Kong, and Singapore.

G20 presidency

The country’s much highlighted G20 presidency is expected to bring focus on the solutions that India has to offer to the world. Pushing for a more cohesive trade environment, India is poised to lead the trade bloc into stronger business, security, and economic ties. This might also give a boost to the domestic manufacturing sector in India.

The demographic divident

India is expected to overtake China as the most populous country in the month of April 2023. Adding to this is a positive demographic dividend which puts pressure on the government to create more jobs and ensure that India makes the most of this opportunity. India’s export-readiness will be a determining factor in the success of the country’s trade.   

Common trends

In conclusion, India's import export trade data for 2022 reveals a number of trends and patterns in the country's economic performance and its relationships with other countries. India's reliance on imported oil and gold, as well as its strong exports of engineering goods, petroleum products, and textiles, are all notable features of the country's trade data for the year. The United States and China were the two largest trading partners for India in 2022, with the United Arab Emirates, Hong Kong, and Singapore also being significant partners.