India has always been an EXPORT IMPORT business hub since ancient times. Trade flourished since Vedic times in India and is now spread across the world. Giants in the business like the US, UK, China etc, are eager to crack deals with India. Indian export brings more profit than import and one of the major reasons being the currency of India. The currency of India is weaker compared to the previously mentioned countries. The raw materials used are cheaper in cost while the products exported yields more money. Export from India increased in the USA and UK because of the ‘China plus one’ policy adopted by these nations. Another reason could be that the availability of raw materials in India is easier. During the pandemic, the loss faced is likely to be recovered in this year. However, a rise in protectionism led to an uncertain global trade situation, which adversely impacted exports in 2020. This adversity is likely to turn into opportunity in 2021, as predicted by Trade Gurus. Export to the US can be very profitable to sellers from India as the profit earned is in Dollars. Let’s one by one discuss the items that are high in demand in the US market.
- Manufactured Goods:
India exports a wide range of manufactured goods to the USA. Exports in India increased by 13.4 per cent for manufactured goods while imports increased by 12.7 per cent this year. The numbers clearly indicate that India has gained a 0.7 per cent in trade surplus per year for manufactured goods. Some of the most exported manufactured goods from India to the USA are agricultural products, precious stones and jewellery, electronics, pharma and handicraft.
- Agriculture products:
India Exports the highest amount of Agriculture products. May the Exported product be raw materials or manufactured goods.
- RICE:
Rice is exported in the highest quantities from India. Since the country’s primary source of income is Agriculture, rice is vastly grown, consumed and exported.
Thailand, Vietnam and Cambodia, the competitors of India have limited supplies for Export, says Himanshu Agrawal, one of the biggest exporters of Rice from India. India tops the list and exports the maximum quantities of rice every year. According to the Ministry of Commerce and Industry, the Export of Basmati Rice from India, in the year 2119-2020 accounted for $ 4371.93m. While that of Non-Basmati Rice counted for $ 2024.66m. 2. Spices: A lot of Indian Spices are Exported to the USA. The Export of Indian Spices raised by 23 per cent, that is $ 359m around June 2020. Studies show that the rise in Export of Indian Spices will remain high as those spices are also in demand in the local market.
Turmeric has grown popular in the US market over the years. So the Export of Turmeric is increasing ever since it’s medicinal value was established. A total of $ 2.57 billion worth of export of Indian Spices was observed from April 2020 to November 2020. Ginger exports increased to 47 per cent, Cardamom by 31 per cent and Cumin with 14 per cent, in FY20. 3. Gems and Jewellery: India is a country filled with talented artisans. Indian jewellery is well known all around the world. India has the natural advantage of readily available raw materials along with manpower and skilled workers, which helps India compete with China.
According to GJEPC, in the year 2018-2019, India exported USD 10.48 billion while in the year 2019-2020 the export resulted in USD 9.17 billion. This accounts for 26 per cent of the total Export of Gems and Jewellery from India. GJEPC chairman commented on the US ending of the preferential treaty with Hong Kong, saying this will further boost the export of Indian Gems and Jewellery to the US market. 4. Electronics: India stands low when it comes to supplying electronics to the world market. Even so, India’s electronic export reached $ 11.28 billion in the year 2019-2020.
The total worldwide contribution of Indian Export in the field of Electronics is only about 0.3 per cent, with China securing the top position in the world. 5. Pharmaceuticals: India has a huge pharma industry, speaking mathematically, the Indian pharma industry is the 3rd largest in terms of volume and 13th largest in terms of value.
The expected compound annual growth rate of the Indian pharma industry will increase to 22.4 per cent to touch $ 55 billion. 6. Handicraft: An enormous amount of man-power is dedicated to this craft and so the efficient working of this industry becomes very important for the Indian economy.
More than 7 million regional artisans make up the fragments of the handicraft industry, with more than 67000 exporters or export houses promoting regional art craftsmanship in the regional and global markets. If you have set your heart at doing INTERNATIONAL EXPORT IMPORT BUSINESS you might find guidance in the right direction. https://digitalexim.com/advanced-export-import-courses/?gclid=EAIaIQobChMIv_G1u8317gIV0MKWCh3E-gTcEAAYASAAEgIxH_D_BwE You are an avid reader and you want to thoroughly research EXPORT IMPORT TRADE, just click on the link below and feed your reader’s soul. https://digitalexim.com/blog/
