India’s Imports of Goods from Latin American Countries in 2019
18 August 2020
India’s imports from Latin America valued USD 21,446
million in 2019, which declined from 2018’s USD 26,170 million. According to
Export Genius, India imported goods mostly from Venezuela in the Latin America
last year. India’s top imports from Latin America in 2019 were mineral fuels
& oils, pearls & precious stones, animal or vegetable fats & oils
and ores, slag & ash. Let’s have a cleat perspective of India’s imports
from Latin America from India shipment data and market intelligence
information.
How Much Goods India Imported
from Latin America in Last 10 Years?
According to India
import data, India’s imports from Latin America have been increasing since 2010.
The highest value of shipments arrived in India from Latin American countries
recorded 2014 and 2013. From 2010 to 2014, India’s imports from Latin America
rose, after which the value declined in 2015 and 2016. The years 2017 and 2018
recorded an increase in the value of shipments. Below given table and chart
shows dollar amount of commodities which India imported from Latin American
countries in the last 10 years.
Year |
Value USD Million |
2010 |
13,560 |
2011 |
16,759 |
2012 |
27,673 |
2013 |
33,311 |
2014 |
33,567 |
2015 |
21,676 |
2016 |
18,205 |
2017 |
23,635 |
2018 |
26,170 |
2019 |
21,446 |
Top 10 Import Commodities of
India from Latin American Countries
India customs data shows that India imported mineral
fuels and oils at 2-digit level HS Code the most from the Latin American
countries in 2019. India imported mineral fuels & oils worth USD 10,959
million from suppliers in Latin America. Other major commodities imported by
India from countries in Latin America were pearls & precious stones, animal
or vegetable fats & oils, ores, slag & ash and electrical machinery
& equipment. Below given chart & table shows dollar amount of top 10
imports of India from Latin America.
Product Category |
Value USD Million |
Mineral Fuels & Oils |
10,959 |
Pearls and Precious Stones |
3,927 |
Animal or Vegetable Fats & Oils |
2,022 |
Ores, Slag & Ash |
1,097 |
Electrical Machinery & Equipment |
434 |
Wood and Articles |
355 |
Machinery |
349 |
Sugars and Sugar Confectionery |
256 |
Iron and Steel |
226 |
Plastics |
173 |
India’s Major Import Sources in
Latin America
According to India import statistics, India imported
goods the most worth USD 6,060 million from Venezuela in Latin America during
2019. Other major import sources of India in Latin America were Mexico, Brazil,
Argentina and Peru in the said year. Below given chart and table shows dollar
amount of these countries.
Country |
Value USD Million |
Venezuela |
6,060 |
Mexico |
4,300 |
Brazil |
3,070 |
Argentina |
2,330 |
Peru |
1,580 |
Latin America, the region of 19 countries, has a total
population of 600 million and GDP of 5.6 trillion dollars. As this time is
crucial for global economies due to coronavirus pandemic, which originated from
China’s Wuhan city; Latin American countries are trying to reduce their trade
with China. Their focus are now more on India and other Asian countries.