In July 2024, India’s import data revealed significant trends and shifts across various sectors. Leveraging our expertise at NBD Data, we provide a detailed analysis of these trends, using our comprehensive customs data services. This report will cover key import categories, trade relationships, and future predictions based on year-over-year (YoY) and month-over-month (MoM) data changes.
In July 2024, the total number of import records for India stood at 5,412,231, marking a decrease of 21.55% compared to the previous month and a YoY decline of 25.31%. Despite this decrease in the number of records, the total import value reached $79.92 billion, representing a MoM increase of 50.00% and a YoY growth of 48.57%. The data also shows a slight increase in the number of buyers and suppliers, reflecting sustained activity in the Indian market.
The top five import categories for India in July 2024 are as follows:
HS Code 270900: Petroleum and its products – Import value: $19.22 billion, MoM growth of 97.55%, and YoY growth of 71.47%. The significant rise in petroleum imports underscores India's growing energy demands. Given the volatile nature of global oil prices and India’s heavy reliance on imports, we anticipate continued high levels of petroleum imports in the coming months.
HS Code 270119: Coal and coal products – Import value: $3.77 billion, MoM growth of 63.93%, and YoY growth of 65.53%. The demand for coal remains robust, driven by India's energy requirements. However, as the country transitions towards renewable energy, the growth rate may moderate in the future.
HS Code 710812: Precious metals and related products – Import value: $3.18 billion, MoM growth of 19.82%, and YoY growth of 41.05%. The appetite for precious metals, often seen as a safe investment, is likely to persist amidst global economic uncertainties.
HS Code 151110: Edible vegetable oils – Import value: $1.94 billion, MoM growth of 81.81%, and YoY growth of 74.05%. With rising domestic demand for food products, we expect stable growth in this category.
HS Code 854231: Semiconductors and electronic components – Import value: $1.60 billion, MoM growth of 20.89%, and YoY growth of 34.34%. As the digital economy expands, the demand for semiconductors is predicted to increase, driving further imports in this category.
These categories indicate strong demand in the energy and technology sectors, reflecting broader global trends. We predict continued growth in these sectors, particularly in technology-related imports, as India accelerates its digital transformation.
Focusing on India’s imports from the United States, the top five product categories in July 2024 were:
HS Code 270900: Petroleum and its products – Total value: $584.31 million, MoM growth of 295.27%, but with a slight YoY decrease of -0.13%. This category continues to dominate due to the ongoing energy needs.
HS Code 270119: Coal and coal products – Total value: $507.72 million, MoM growth of 310.23%, and YoY growth of 78.90%.
HS Code 270799: Other mineral fuels – Total value: $326.52 million, MoM growth of 155.88%, and YoY growth of 110.10%.
HS Code 841112: Turbojets and turbopropellers – Total value: $202.16 million, MoM growth of 89.96%, though with a YoY decrease of -51.47%.
HS Code 220720: Ethyl alcohol and other spirits – Total value: $150.70 million, MoM growth of 421.96%, and YoY growth of 644.25%.
The data suggests a strong focus on energy-related products and specialized machinery. Given the strategic partnership between the U.S. and India, these categories are likely to see sustained growth.
The top 10 regions exporting to India in July 2024 are:
These numbers highlight India’s diverse import relationships, with China, Russia, and the United States being the largest contributors. The high growth rates from regions like Russia and Saudi Arabia emphasize the importance of these trade relationships in meeting India’s growing demands.
The analysis of India’s July 2024 import data reveals dynamic shifts and strong growth across several key sectors. NBD Data continues to monitor these trends closely, providing actionable insights to help businesses navigate the evolving trade landscape.
Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information.