Discover the Top Indian Imports with Huge Growth Potential in 2023
Below are the hottest Indian imports from India, with large growth potential:
- Regional Handicrafts ($1.676 billion in 2021)
- Jewelry and Precious Stones ($41.65 billion in 2021)
- Organic Supplements and Medicines ($428 million in 2021)
- Leather Products ($3.67 billion in 2021)
- Homeopathy Medicines ($1.41 million)
- Ceramics ($2.93 billion)
India’s Exports Have Never Been Better Than In 2021
India’s export business has been thriving and the country is an excellent location for such operations. In fact, 2021 has been the best year for India’s export performance so far. In the first 11 months of the year, India’s exports have exceeded $354 billion, which is over $57 billion (or 19.2%) higher than the previous best achieved in 2019. Merchandise exports have hit $301.38 billion in April-December 2021, showing a remarkable 26.49% increase over the same period in 2019 before the pandemic.
In December 2021, India’s economy reached an all-time monthly high of $37.29 billion for goods exported. The demand for jewellery and gems in particular has soared to the highest level in December 2021. The country’s merchandise exports have already reached $300 billion in April-December, which is higher by 48.85% year-on-year and 26% compared to the same period in 2019 pre-pandemic levels. India has achieved three-fourths of its annual export target of USD 400 billion in the first nine months of 2021-22.
Gems and jewellery, which constitute 8% of India’s total exports, rose by 15.8% year on year, highlighting their increasing popularity and demand.
Import Regional Traditional Handicrafts From India
Among developing nations, India is widely recognized as the top exporter of traditional handicraft items. In the fiscal year 2021, India exported handicrafts worth more than 126 billion Indian rupees, which is equivalent to $1.676 billion. Although this amount was slightly lower compared to the previous year’s figure of around 127 billion rupees, it can be attributed to the pandemic’s impact on the industry.
The most popular handicrafts are:
- Indian Home Decoratives
- Handmade Sarees, other hand made products
- Furniture, home textiles, and homeware
The top 10 export destinations are the US, the UK, the UAE, Germany, France, Latin American countries (LAC), Italy, the Netherlands, Canada and Australia.
Jewelry and Precious Stones Are Big Business
The Gems and Jewellery (G&J) industry in India is one of the most significant sectors in terms of contribution towards exports and also as an employment generator. Based on its potential for growth and value addition, the Government declared the gems and jewellery sector as a focus area for export promotion. India’s gems and jewellery exports clocked revenue of US$ 39.14 billion in the Financial Year 2021-22, which is a 54.13% rise from the previous year.
The Indian Government has signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) in March 2022 which would allow the Indian Gems and Jewellery industry to further boost exports. CEPA will provide the industry duty-free access to the UAE market. India’s Gems Jewellery Export Promotion Council (GJEPC) aims to triple its exports to the UAE post the CEPA.
The Gems and Jewellery sector expects certain relief from the Union Budget of 2023 which are as listed below:
Source Click here
Organic Supplements and Medicines a Growing Market
According to a market research study published by Contrive Datum Insights, the Herbal Medicine Market is expected to reach around USD 347.50 Billion by 2030, growing at a CAGR of 11.16% during the forecast period 2023 to 2030. Europe has the biggest market for cosmetics in the world, making it a good place for new companies from developing countries to start.
The Indian Pharmaceutical industry has become a thriving industry over time, growing at a CAGR of 9.43% since the past nine years, and is currently ranked third in pharmaceutical production by volume. India is renowned for its affordable vaccines and generic medications, and it is the largest provider of generic drugs globally. The Indian pharma industry is comprised of various segments including generic drugs, over-the-counter medications, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics. With the most number of pharmaceutical manufacturing facilities in compliance with the US Food and Drug Administration (USFDA), India has become a major player in the global pharmaceutical market. Additionally, India has 500 API producers contributing to around 8% of the worldwide API market.
Leather Products Are Always In Demand
The demand for leather products has always remained high, with exports of leather, footwear, and leather products touching $3.67 billion during 2020-21 (April to Feb). This market can be segmented into footwear, leather goods & accessories, finished leather, leather garments, and saddlery & harness. While India has made significant progress in this industry, there is still a vast global market that can be tapped into. The global leather goods industry is projected to grow to US$306.1 billion by 2027, from an estimated US$241.3 billion in 2020, growing at an annualised pace of 3.5%.
can be broken down into:
- Footwear – 45.82%
- Leather Goods & Accessories – 24.84%
- Finished Leather – 6.55%
- Leather Garments – 14.61%, and
- Saddlery & Harness – 4.5%
Import Homeopathy Medicines
Homeopathy, which is a holistic and natural approach to treating illnesses without using organic chemicals, has a growing market as well. The global Homeopathy market was valued at $879.1 million in 2021 and is projected to reach $1392.8 million by 2028. Although there are 59 countries and territories that import Homeopathic Medicines from India, the combined value of total export is only $1.41 million, suggesting that this market is in its infancy in India.
Traditional Ceramic
India is also known for creating some of the finest ceramics in the world. The export analysis shows that there are almost 195 countries and territories that actively import ceramics from India, making it a potentially lucrative market. In fiscal year 2021, the export value of ceramic and glassware products from India amounted to over 225 billion Indian rupees ($2.93 billion), showing a steep rise from the previous year.
What Kind of products US imports form India.
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