Import and export are two important components in business. Import means moving goods and services between countries across their international borders. Similarly, Export term refers to the movement of goods out of a country in a legal manner. So, these two terms Import and Export made the world a local market. Thus, it is clear that the country which is purchasing the goods is known as the importing country and the country which is selling items is known as the exporting country. And all the traders involved in these transactions are importers and exporters.
Import and Export products into business are the best way to participate in the global economy. Top import and export items in India bring new heights to the trade business and also help to contribute in the international trading.
Agricultural and Allied products: The total export of India Between 1990-91 was 19.5%. But it came down to about 10.2%in 2005-2006.
Manufactured goods: the production of manufactured items in the total earnings of India is on the increase. In 1990-91, the share of manufactured items in the total export earnings was about 73%.
Mineral Fuel and Lubricants: There is an improvement in the export of mineral fuels and lubricants both in terms of value and in percentage.
Ores and Minerals: The overall performance of ores and minerals products of export is not satisfactory. It is increased from 4.4% to 5.2% only which is very small difference for production point of view.
Iron and Steel: The imports of iron and steel have declined over the years in percentage terms. In 1990-91, the production of iron and steel imports was 5% which was come down to 3% in 2005-2006. This is because; a good amount of ore is now extracted in India which has reduced imports.
Fertilizers: In 1991-1992, import of fertilizers was stood at $954 millions. But in 2003-2004, import of fertilizers was only $635 millions only. The share in total imports of fertilizers was 4.1% in 1990-91, which came down to 1.5% in 2005-06.
Pearls and Precious stones: To meet all the requirements of gems and jewelry, industry pearls and precious stones are imported in large quantities. In 1990-91, the share of pearls and precious stones was 8.7% which has reduced in percentage terms to 6.4% in 2005-06.
Capital Goods: In 1991-1992, the import of capital goods was $ 3,610 million. In 1995-96, the imports of capital goods jumped up to $ 8,458 million. But due to slowing domestic demand, imports of capital goods fell subsequently. The capital goods and related items were 24.1% of the total imports of India in 1990-91, which has come down slightly in 2005-06 to about 22.3%.
Petroleum Products: In 1990-91, petroleum products accounted for nearly 25% of total imports of India. In 2005-06, it has further increased to nearly 31% of the total import bill of India.