June 2024 India Import Data Analysis and Market Outlook

Publishing Date：2024-07-29 16:36:16 Source: NBD Data(en.nbd.ltd)

In the increasingly complex global economic environment, precise analysis of trade data has become more important than ever. As a leading company in global trade data analysis, NBD Data is dedicated to providing our clients with comprehensive and professional customs data analysis. This article delves into the import data of India for June 2024, exploring its trends and impacts in global trade.

Data Overview

In June 2024, the total number of India import data entries reached 4,248,541, marking a 9.16% month-over-month increase, though a slight year-over-year decrease of 1.19%. Despite the year-over-year decline, the total import volume remains high, demonstrating strong demand for foreign trade in the Indian market.

Total Value: The total import value in June was $53.29 billion, showing a month-over-month increase of 10.91% and a year-over-year decrease of 8.54%. Despite the annual decrease, the monthly increase indicates a short-term recovery in import activities.
Number of Buyers: The number of buyers reached 57,015, representing a month-over-month increase of 1.53% and a year-over-year increase of 4.01%, indicating steady growth in market participants.
Number of Suppliers: The number of suppliers totaled 106,184, with a month-over-month increase of 1.12% and a year-over-year increase of 6.14%, reflecting the diversification of India’s import supply chain.

Major Trade Regions Analysis

China

China remains one of India’s largest trading partners. In June 2024, the total number of imports from China was 1,701,454 entries, a 14.70% month-over-month increase and a 4.79% year-over-year increase. The total value was $10.43 billion, a month-over-month increase of 20.19%, though a year-over-year decrease of 6.90%, indicating China’s significant position in India’s import market.

Market Impact: China is a global manufacturing hub, and the increase in imports from China reflects India’s rising demand for high-value-added products such as electronic goods and machinery.

Russia

The total number of imports from Russia was 5,237 entries, showing a 52.70% month-over-month increase but a 9.74% year-over-year decrease. The total value was $5.87 billion, a significant 59.21% month-over-month increase but a 12.89% year-over-year decrease.

Market Impact: Energy and natural resources are Russia’s main exports to India. The substantial month-over-month increase may be related to recent international energy price fluctuations and adjustments in India’s energy import policies.

United Arab Emirates

The total number of imports from the UAE was 19,083 entries, a 10.22% month-over-month decrease and an 8.79% year-over-year decrease. The total value was $3.43 billion, a 28.77% month-over-month decrease but a 6.92% year-over-year increase.

Market Impact: The UAE is a crucial energy supplier to India. The decrease in imports might be associated with adjustments in India’s energy import strategies and fluctuations in international oil prices.

United States

The total number of imports from the United States was 271,505 entries, a 5.51% month-over-month increase but a 12.19% year-over-year decrease. The total value was $2.97 billion, a 6.89% month-over-month decrease and a 31.48% year-over-year decrease.

Market Impact: The United States exports high-tech products and agricultural products to India. The year-over-year decrease might be linked to global supply chain disruptions and changes in trade policies.

Indonesia

The total number of imports from Indonesia was 33,445 entries, a 32.72% month-over-month increase but a 0.93% year-over-year decrease. The total value was $2.28 billion, a 70.14% month-over-month increase and a 4.16% year-over-year increase.

Market Impact: Indonesia primarily exports minerals and natural resources to India. The increase in import value may be associated with rising demand for these resources in India.

Iraq

The total number of imports from Iraq was 443 entries, a 20.71% month-over-month increase and a 9.93% year-over-year increase. The total value was $2.09 billion, a 42.46% month-over-month increase but a 13.85% year-over-year decrease.

Market Impact: Iraq primarily exports oil, and the changes in import value reflect fluctuations in international oil prices and adjustments in India’s oil import policies.

Saudi Arabia

The total number of imports from Saudi Arabia was 4,501 entries, a 24.29% month-over-month increase but an 18.51% year-over-year decrease. The total value was $2.00 billion, a 6.37% month-over-month decrease and a 20.36% year-over-year decrease.

Market Impact: Saudi Arabia is a major oil supplier to India. The fluctuations in import numbers and value are primarily influenced by international oil prices and supply chain dynamics.

South Korea

The total number of imports from South Korea was 126,179 entries, a 0.43% month-over-month decrease but a 2.18% year-over-year increase. The total value was $1.74 billion, a 1.85% month-over-month decrease and an 8.39% year-over-year increase.

Market Impact: South Korea primarily exports electronic products and machinery to India. The increase in import value reflects India’s growing demand in these sectors.

Japan

The total number of imports from Japan was 289,475 entries, a 2.77% month-over-month decrease and a 12.72% year-over-year decrease. The total value was $1.32 billion, a 1.68% month-over-month decrease and a 15.22% year-over-year decrease.

Market Impact: Japan is an important supplier of machinery and electronic products to India. The decrease in import value might be related to changes in India’s demand for these products.

Germany

The total number of imports from Germany was 398,654 entries, an 8.15% month-over-month increase but a 13.28% year-over-year decrease. The total value was $1.29 billion, a 1.05% month-over-month decrease and a 5.14% year-over-year decrease.

Market Impact: Germany exports primarily automobiles and machinery. The decrease in import entries and value might reflect fluctuations in demand within the Indian market.

HS Code Analysis

Different HS code product import data provides insights into changes in specific product category demands.

851779 (Telecommunication Equipment): In June, the number of entries was 41,835, a 2.99% month-over-month increase and a 4.64% year-over-year decrease. The total value was $1.13 billion, a 23.02% month-over-month increase and a 9.21% year-over-year increase. The demand for telecommunication equipment shows steady growth, reflecting India’s investment in digital transformation.
854231 (Semiconductors): The number of entries was 20,234, a 35.79% month-over-month decrease and a 46.05% year-over-year decrease. The total value was $553.56 million, a 45.61% month-over-month decrease and a 51.55% year-over-year decrease. The decrease in semiconductor imports is related to the global chip supply shortage.
847130 (Computer Equipment): The number of entries was 23,762, a 21.89% month-over-month decrease but a 3.05% year-over-year increase. The total value was $523.16 million, a 28.23% month-over-month increase and a 4.99% year-over-year increase. The fluctuating demand for computer equipment reflects market instability for tech products.
850760 (Lithium-Ion Batteries): The number of entries was 5,650, a 22.39% month-over-month increase and an 8.49% year-over-year increase. The total value was $219.42 million, a 28.12% month-over-month increase but an 18.41% year-over-year decrease. The growing demand for lithium-ion batteries is closely linked to the development of the global electric vehicle market.
854232 (Integrated Circuits): The number of entries was 1,175, a 27.78% month-over-month decrease and a 40.23% year-over-year decrease. The total value was $215.18 million, a 10.28% month-over-month decrease and a 31.42% year-over-year decrease. The reduction in integrated circuit imports is associated with the global chip shortage issue.

Conclusion and Outlook

In June 2024, India’s import data presented a complex trend. Despite a slight year-over-year decline, the significant month-over-month increase indicates a short-term recovery and growth momentum in the market. NBD Data will continue to monitor global trade dynamics, providing professional customs data analysis services to help businesses seize opportunities in the ever-changing international market.

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