#india trade data

[anamseair]

Explore India's top 10 export products driving its global trade dominance, from petroleum products to pharmaceuticals. Discover key insights into India's export destinations and economic impact.

[eximpedia-app]

India is one of the fastest developing nations in the world and trade between nations is the major component of any developing country. India Trade Data is the right option for customers to acquire details about the goods, prices and other descriptions. Grow Export Import Trade in India and Access importer's data of India by HS Code, Month, Year and more Trade Insights. Find the latest Indian trade data for 100+ Countries data by only a single click.

[seairexim]

Import of Oil in India: A 2024 Overview

India, one of the fastest-growing economies globally, is heavily reliant on imported oil to meet its energy needs. As of 2024, oil imports play a crucial role in India’s economic stability, given the country's limited domestic production and its burgeoning industrial and transportation sectors. The demand for crude oil continues to increase, making India one of the largest oil importers in the world.

In this article, we will dive into the key trends shaping import of oil in India in 2024, examine the major oil importers in India, analyze the oil importers by country, and explore the latest Indian oil imports data.

Current State of Oil Imports in India (2024)

India is the third-largest oil importer globally, accounting for around 10% of total global oil imports. This reliance is driven by India’s limited domestic oil reserves, which only meet a fraction of the country’s energy needs. The demand for oil in India continues to rise due to rapid industrialization, population growth, and expanding transportation networks.

India's oil imports are crucial to fueling its key sectors such as transportation, power generation, and manufacturing. According to the latest Indian oil imports data, the country imports approximately 85% of its total crude oil consumption. The ongoing geopolitical tensions and global supply chain disruptions in recent years have only increased India's focus on diversifying its oil sources and securing stable supply routes.

Major Oil Importers in India

In 2024, several major oil companies, refineries, and private-sector players are involved in importing oil into India. Among the top oil importers in India are:

Indian Oil Corporation Limited (IOCL) – As the largest public sector oil company in India, IOCL is a major player in the importation of crude oil, processing over 1.6 million barrels per day.

Bharat Petroleum Corporation Limited (BPCL) – A government-owned entity that plays a critical role in meeting India's energy demands through oil imports.

Hindustan Petroleum Corporation Limited (HPCL) – Another key player, HPCL, imports a significant amount of crude oil to meet the needs of its refineries and distribution network.

Reliance Industries Limited – Reliance, a major private-sector company, operates the largest refining complex in the world in Jamnagar, Gujarat, and is one of the largest private oil importers in India.

Nayara Energy – Formerly known as Essar Oil, Nayara Energy imports oil to fuel its refining and distribution operations across the country.

These companies primarily rely on crude oil imports to keep their refineries running and to meet the country’s high demand for petroleum products.

Key Oil Importers by Country

India sources its crude oil from a variety of countries, with Middle Eastern nations being the dominant suppliers. The following countries are among the leading oil importers by country to India in 2024:

Saudi Arabia – Saudi Arabia continues to be one of the largest suppliers of crude oil to India. As part of OPEC, it plays a critical role in India’s energy security by providing a steady flow of oil. In 2024, Saudi Arabia supplies over 17% of India’s total oil imports.

Iraq – Iraq remains the top oil exporter to India, contributing nearly 22% of India's total crude oil imports. Despite geopolitical instability in the region, Iraq has maintained stable oil production and export levels to meet India’s growing demand.

United Arab Emirates (UAE) – The UAE is another critical supplier for India, accounting for around 10% of the country's oil imports. The relationship between India and the UAE is strong, with several ongoing projects aimed at further deepening trade and energy ties.

United States – In recent years, the U.S. has emerged as a major oil supplier to India, with its exports of shale oil increasing. In 2024, the U.S. contributes around 8% to India’s oil imports, as India seeks to diversify its suppliers and reduce dependence on the Middle East.

Russia – With the geopolitical realignments post-Ukraine war and Western sanctions, Russia has been exporting discounted oil to countries like India. By 2024, Russian oil accounts for nearly 15% of India’s imports, making it one of the fastest-growing suppliers to the Indian market.

Other notable oil exporters to India include Kuwait, Nigeria, and Brazil. The diversification of suppliers is a crucial part of India’s energy strategy, as it reduces reliance on any single region and ensures the stability of imports.

Indian Oil Imports Data: Key Insights for 2024

Volume of Imports

As of 2024, India imports approximately 4.5 million barrels of crude oil per day. This figure represents a slight increase from previous years, reflecting India’s growing energy needs. With limited domestic production, the country has no choice but to rely heavily on imports to meet over 85% of its crude oil consumption.

Import Expenditure

India's expenditure on oil imports is expected to reach nearly $140 billion in 2024. This increase in expenditure is partly due to rising global oil prices and higher import volumes. The Indian government continues to monitor global price fluctuations and the potential impact on inflation and the country’s fiscal balance.

Strategic Petroleum Reserves

India has been expanding its strategic petroleum reserves (SPR) to safeguard against supply disruptions and price volatility. In 2024, the country has reserves equivalent to around 12 days of oil consumption. The government has also announced plans to further increase these reserves in collaboration with other key suppliers like the UAE and the U.S.

Shifts in Import Patterns

India’s oil import patterns have seen a shift in 2024, with an increasing focus on Russia, the U.S., and African nations like Nigeria and Angola. The India-Russia oil trade, in particular, has grown substantially since 2022, with Russia providing discounted crude in light of Western sanctions. This shift has allowed India to hedge against price volatility in the Middle East.

Challenges in India's Oil Import Landscape

Despite the growing diversification of suppliers, India's oil import landscape in 2024 faces several challenges:

Geopolitical Instability – Ongoing conflicts in oil-producing regions, particularly in the Middle East and Russia, continue to pose risks to India’s energy security.

Price Volatility – Fluctuations in global oil prices, driven by factors such as OPEC production cuts, inflation, and geopolitical tensions, have made it difficult for India to stabilize import costs.

Environmental Concerns – The Indian government has made a commitment to shift toward cleaner energy sources. However, the country’s heavy reliance on oil imports may slow down the transition to renewable energy, even as it works to reduce carbon emissions in the coming decades.

Conclusion

As India moves through 2024, its dependency on oil imports remains a cornerstone of its energy policy. With major oil importers in India like IOCL, Reliance, and BPCL leading the charge, the country continues to source oil from key players in the Middle East, the U.S., and Russia. The latest data on Indian oil imports reflect the country’s need to secure diversified oil supplies to ensure economic stability, despite challenges such as price volatility and geopolitical risks.

Frequently Asked Questions

1. What is the current status of oil imports in India in 2024? In 2024, India remains one of the largest oil importers globally, importing approximately 4.5 million barrels of crude oil per day. This reliance on imports accounts for about 85% of the country’s total crude oil consumption, reflecting the increasing demand driven by industrial growth and a rising population.

2. Who are the major oil importers in India? The major oil importers in India include Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Reliance Industries Limited, and Nayara Energy. These companies play a critical role in meeting India’s oil demands through their extensive import operations.

3. Which countries are the top oil importers to India? As of 2024, the leading oil importers by country to India are Iraq, Saudi Arabia, the United Arab Emirates (UAE), the United States, and Russia. Iraq holds the largest share, contributing around 22% of India’s total crude oil imports, followed by Saudi Arabia with 17%.

4. How does Indian oil imports data reflect the country’s energy needs? The Indian oil imports data for 2024 indicate that the country is projected to spend nearly $140 billion on oil imports. This significant expenditure underscores India's reliance on external oil sources to fuel its growing economy and meet energy requirements.

5. What challenges does India face regarding its oil import strategy? India’s oil import strategy in 2024 is challenged by geopolitical instability in oil-producing regions, price volatility in global oil markets, and the need to transition to cleaner energy sources. These factors can affect the stability and cost of oil imports, impacting India’s overall energy security.

[henrywilson123]

India's textile industry, among the world's largest and oldest, is crucial to its economy, supporting millions and significantly contributing to GDP. In 2022, exports hit $16 billion, projected to exceed $45 billion by 2031. Let's explore recent export statistics, key exporters, and trends using modern HS codes, Get access to textile export data textile exports from india textile exporter in india textile exporting countriesindian textile exports statistics textile hs code

list of textile products exported from india

[indonesiatradedata1]

Top Strategies to export Plastic products from India to Indonesia

Expand your market reach by exporting plastic products from India to Indonesia. Learn key strategies and market insights for success.

[emmawilliams12]

Coconuts dominate India's agricultural landscape, with vast local and global appeal. Annual production reaches 21,500 million tonnes, underscoring India's pivotal role in the coconut market. States like Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh contribute significantly to exports, meeting global demand.

[algos11]

In recent years, algorithmic trading has gained popularity in India. Traders have switched from manual to algorithmic trading owing to its inherent benefits of powerful analytical tools, user-friendly interfaces, and seamless connectivity to market data.

[dataonthecharts]

The Russia-Ukraine war and the ensuing oil embargos have been in the news for long now. The impact of this on India's oil trade and the corresponding trade figures are depicted here...

Data sources used:  2000 to 2020 data: https://resourcetrade.earth/ 2020 to 2022 data: https://tradestat.commerce.gov.in/eidb/

[attud-com]

Upcoming Economic Data Releases for the Week of March 13: India, US, UK, Eurozone, and China

Upcoming Economic Data Releases for the Week of March 13: #India, US, UK, #Eurozone, and #China #NSEIndia #Nifty50 #BankNifty #OptionTrading #DuttaViews

Upcoming Key Economic Data Releases for the Week Beginning March 13, 2023 March 13: India CPI Feb March 14: India WPI inflation Feb India exports, imports, and trade deficit Feb India passenger vehicle sales Feb UK unemployment rate Jan US CPI Feb March 15: Eurozone industrial production MoM Jan US PPI and Core PPI Feb US retail sales Feb March 16: European Central Bank (ECB)…

[importexportdata]

Who is the trusted import-export data provider company in the world and why?

Whenever anyone asks for a Genuine import-export data provider then the only name that comes to my mind is Exim Trade Data.

Exim Trade Data is the most trusted global import-export data provider company in the world. They are offering 60+ countries' import-export data.

Their import-export data is verified by the authorized customs departments and some most important unknown sources. They have a team of experts who always keep an eye on all the shipping activities happening in the import-export sector and provide us with the latest import-export data.

They examine the whole global commerce market and provide their clients with the latest trends & technologies so that they can prepare extraordinary strategic plans that help them to boost their import-export business.

In fact, Exim trade data resolve all your import-export problems and boost your market sales, and expand your trade business in the global commerce market.

You can also read more information about this blog: https://globalimportexportdataprovider.blogspot.com/2022/12/global-import-export-trade-data-country.html

[anamseair]

https://www.seair.co.in/blog/top-10-garment-export-countries-in-the-world.aspx

Discover the top 10 garment exporting countries in the world and the significant role of India's garment industry. Learn about key exporters, major importers, and the factors driving the global fashion market. Explore trade data insights with Seair Exim Solutions. Watch now for in-depth analysis and trends!

[w-insights]

Top Trading Partners of India

Even though India isn’t yet a major export hub, contributing just 1.8% of the $21.513 trillion in global exports in 2021. But, its export growth is evident by the growth in exports, clocking US$ 394.8 billion in commodity exports, a 33.4% rise over 2017 and a 43.3% increase from 2020.

India’s largest destination for its exports is the United States, which accounts for over 18.05% of Indian exports. The top commodities are diamonds and pharmaceuticals.

Regarding imported commodities, China stands as India’s biggest source of imports, averaging approximately $94.5 billion in 2022, with a share of over 15.43% in Indian imports during the same time frame, and a growth percentage of 45.02% from 2020-2022.

Click here to read more

[seairexim]

An In-Depth Look at Indian Palm Oil Imports in 2024

India, the world's largest importer of edible oils, has a substantial reliance on palm oil imports. As of 2024, the country's demand for palm oil remains steady due to its versatile use in food processing, cosmetics, and even biodiesel production. This article will take a closer look at the Indian palm oil imports,  importers of palm oil in India, why India is so reliant on palm oil, and who the biggest importers of palm oil are.

Overview of Palm Oil in India

India's population, which crossed the 1.4 billion mark in 2023, continues to expand its consumption patterns, making palm oil a critical component of the country's dietary needs. Indian households and industries use palm oil for cooking, frying, and as a base ingredient in various packaged goods, such as margarine, instant noodles, and baked products. Moreover, its non-food applications in soaps, detergents, and personal care products underscore the importance of palm oil across industries.

Why India Imports Palm Oil

Palm oil is favored not only for its versatility but also for its cost-effectiveness. Compared to other edible oils like sunflower oil or soybean oil, palm oil is cheaper, thanks to its high yield per hectare and its cost-efficient production in tropical regions like Indonesia and Malaysia.

Although India does produce some palm oil, the domestic output falls short of the demand. India's climatic conditions are less suited for large-scale palm plantations compared to tropical countries. The country relies on imports to meet about 70% of its total edible oil demand, and palm oil accounts for the bulk of this figure.

Key Sources of Indian Palm Oil Imports

Historically, India's palm oil imports have come primarily from Indonesia and Malaysia. Together, these two nations account for nearly 90% of the global palm oil supply, making them the natural partners for Indian importers. In recent years, however, other players have started emerging on the radar, albeit in smaller capacities.

Indonesia remains India's largest supplier, providing both crude palm oil (CPO) and refined, bleached, and deodorized (RBD) palm oil. Indonesia's vast palm plantations and competitive pricing make it the primary destination for India's importers.

Malaysia, which had been second to Indonesia in recent years, continues to be a vital partner, especially for refined products. Malaysia’s quality and reputation in the international palm oil market make it a preferred source for Indian refiners looking for premium-quality products.

Importers of Palm Oil in India

The structure of the Indian palm oil market is heavily reliant on a network of refiners and traders who act as the importers of palm oil in India. These companies source crude and refined palm oil from international markets and distribute it throughout the country to meet consumer demand. Some of the key players in the Indian market include:

Adani WilmarOne of the biggest names in the edible oil sector, Adani Wilmar is a major importer of palm oil in India. Its flagship brand, "Fortune," is well-known throughout the country, and a significant portion of its products contain palm oil. Adani Wilmar imports crude palm oil, refines it, and distributes it to both retail and industrial sectors.

Ruchi Soya IndustriesPart of the Patanjali Group, Ruchi Soya is another leading player in the Indian edible oil market. The company has a long history of palm oil imports and is known for its "Nutrela" brand. Ruchi Soya imports significant quantities of crude palm oil, processes it in its extensive refining facilities, and markets it across India.

Emami AgrotechKnown for its edible oil brands like "Healthy & Tasty," Emami Agrotech is another major importer of palm oil. The company imports both crude and refined palm oil, and its brands enjoy significant popularity among Indian consumers.

Cargill IndiaAs a subsidiary of the global giant Cargill, the Indian arm of this multinational corporation is also deeply involved in the palm oil trade. Cargill India imports large quantities of palm oil, leveraging its global supply chain network to meet the demands of Indian consumers.

Godrej AgrovetGodrej Agrovet is a key player in the agricultural and food processing sectors. The company not only imports palm oil but also engages in palm cultivation within India, although its production capacity is limited compared to imports. Its brand portfolio includes various edible oils, with palm oil being a key ingredient.

Trends in 2024: Indian Palm Oil Imports

As of 2024, several factors have shaped the Indian palm oil market, influencing the buying patterns of the biggest importers of palm oil:

Government PoliciesThe Indian government has periodically adjusted import duties on edible oils, including palm oil, to protect domestic producers while ensuring affordability for consumers. In 2024, the government continues to balance between reducing duties to curb inflation and protecting local oilseed farmers.

Shifts in Global PricesGlobal palm oil prices fluctuate due to various factors, including production output in Indonesia and Malaysia, labor shortages, and the impact of environmental policies in producing countries. Any increase in global palm oil prices directly impacts the import costs for India, making it essential for Indian importers to monitor international trends closely.

Growing Environmental ConcernsPalm oil production has been criticized for contributing to deforestation and environmental degradation, especially in Southeast Asia. In response, there has been growing demand for sustainably sourced palm oil. Indian importers are increasingly looking to source palm oil from suppliers that adhere to sustainability standards like the Roundtable on Sustainable Palm Oil (RSPO) certification.

Rise of Domestic ProductionWhile India will continue to depend on imports for the foreseeable future, there are efforts underway to boost domestic palm oil production. The Indian government has launched the National Mission on Edible Oils – Oil Palm (NMEO-OP) to reduce import dependence by promoting domestic palm cultivation. However, this is a long-term initiative, and significant results are yet to be seen in 2024.

The Biggest Importers of Palm Oil in 2024

As outlined earlier, companies like Adani Wilmar, Ruchi Soya, Emami Agrotech, Cargill India, and Godrej Agrovet continue to be the biggest importers of palm oil in India. These companies have well-established supply chains, strong relationships with international suppliers, and extensive refining and distribution networks across the country.

These large corporations play a pivotal role in ensuring that India's palm oil demand is met consistently, despite the various challenges that crop up due to global supply chain disruptions or price fluctuations.

Conclusion

In 2024, Indian palm oil imports continue to be essential for the country's food security and economic stability. Companies like Adani Wilmar, Ruchi Soya, Emami Agrotech, Cargill India, and Godrej Agrovet remain the backbone of India's palm oil supply chain, ensuring the availability of this vital product. Although India is working toward self-reliance in palm oil production, it is clear that imports will remain crucial for the foreseeable future. However, if you need a detailed report on the biggest importer of palm oil in India, palm oil import data or global trade data connect with Seair Exim Solutions.

Frequently Asked Questions (FAQs)

Q1. Why does India import so much palm oil?India imports a large quantity of palm oil because its domestic production of edible oils, including palm oil, is insufficient to meet the demand. Palm oil is cost-effective, versatile, and widely used in cooking, food processing, and non-food products, making it a vital import for India.

Q2. Who are the biggest importers of palm oil in India?Some of the biggest importers of palm oil in India include Adani Wilmar, Ruchi Soya Industries, Emami Agrotech, Cargill India, and Godrej Agrovet. These companies import significant amounts of palm oil and distribute it to meet the growing domestic demand.

Q3. Where does India primarily import palm oil from?India primarily imports palm oil from Indonesia and Malaysia, which together account for the vast majority of the global supply. Indonesia is the largest supplier of palm oil to India, followed closely by Malaysia.

Q4. How do global palm oil prices affect Indian palm oil imports?Global palm oil prices directly impact Indian palm oil imports. Fluctuations in production levels, labor shortages, or environmental regulations in palm oil-producing countries can lead to price changes, affecting the cost of imports and consumer prices in India.

Q5. Is India working on reducing its reliance on palm oil imports?Yes, India has launched initiatives like the National Mission on Edible Oils – Oil Palm (NMEO-OP) to boost domestic palm oil production. However, due to the high demand and limited production capacity, India will continue to rely on imports in the near future.

[henrywilson123]

India's textile industry, renowned for its heritage and scale, is a vital contributor to the economy, generating employment and GDP growth. In 2022, exports reached $16 billion, projected to surpass $45 billion by 2031. Explore the sector's future through the latest export data and trends. Explore the Blog "Boost Your Bottom Line with Top Textile Exports from India".

Visit Blog: https://medium.com/@seair.exim/boost-your-bottom-line-with-top-textile-exports-from-india-c9e8ba1cc6c1